Acquisition (Tables)

6 Months Ended

Jun. 30, 2012

Acquisition [Abstract]

Summary of purchase price and the preliminary estimate of the fair values of the net assets acquired at the date of acquisition

Fair value of consideration transferred:
Cash paid	$	2,200,000
1,846,722 shares of common stock issued on February 17, 2012 at $1.79 per share		3,305,632
88,000 shares of 10% Series C Preferred Stock at stated value of $25 per share		2,200,000
10% Convertible Promissory note		2,200,000
Total	$	9,905,632
Amounts recognized for assets acquired and liabilities assumed:
Working capital	$	1,175,197
Disposal wells		6,263,078
Land and improvements		13,776
Field equipment (excluding disposal wells)		2,466,500
Office and admin assets		3,500
Deposits		10,936
Asset retirement obligation		(27,355	)
Total	$	9,905,632
Working capital acquired (assumed):
Cash	$	1,290,775
Accounts receivable		2,945,003
Prepaid expense		13,641
Accounts payable & accrued expenses		(3,074,222	)
Total working capital acquired	$	1,175,197

Unaudited and unreviewed summary of results of operations on pro forma basis

	For the Three Months Ended June 30,			For the Six Months Ended June 30,
	2011			2012			2011
Total operating revenue	$	2,807,847		$	8,804,363		$	3,591,233
Total operating costs and expenses		2,694,925			8,959,314			4,461,736
Operating income (loss)		112,922			(154,951	)		(870,503	)
Interest expense and other		(468,982	)		(520,466	)		(627,843	)
Net loss		(356,060	)		(675,417	)		(1,498,346	)
Dividends on preferred stock		(233,592	)		(526,645	)		(460,648	)
Net loss attributable to common stock holders	$	(589,652	)	$	(1,202,062	)	$	(1,958,994	)
Net loss per share, basic & diluted	$	(0.02	)	$	(0.04	)	$	(0.08	)