Consolidated Balance Sheets (USD $)	Dec. 31, 2011		Dec. 31, 2010
Current Assets
Cash	$ 2,707,722		$ 5,528,744
Restricted cash	932,165		1,150,541
Accounts receivable	2,227,466		857,554
Prepaid assets	75,376		27,772
Total current assets	5,942,729		7,564,611
Oil and gas properties (full cost method), at cost:
Unevaluated properties	45,697,481		33,605,594
Evaluated properties	32,113,143		26,307,975
Wells in progress	6,425,509		1,219,397
Total oil and gas properties, at cost	84,236,133		61,132,966
Less accumulated depreciation, depletion and amortization	(12,099,098)		(5,003,499)
Net oil and gas properties, at cost	72,137,035		56,129,467
Other assets
Office equipment, net	106,286		51,129
Prepaid advisory fees	574,160		979,449
Deferred financing costs, net	2,341,595		3,211,566
Restricted cash and deposits	186,055		185,707
Total other assets	3,208,096		4,427,851
TOTAL ASSETS	81,287,860		68,121,929
Current liabilities:
Accounts payable	2,050,768		968,295
Commodity price derivative liability	75,609		398,840
Related party payable	16,475		11,638
Accrued expenses	1,354,204		1,540,592
Short-term note	1,150,967		208,881
Total current liabilities	4,648,023		3,128,246
Asset retirement obligation	612,874		507,280
Term-note payable	20,129,670		20,229,801
Convertible notes payable, net of discount	4,929,068		0
Convertible notes conversion derivative liability	1,300,000		0
Total long-term liabilities	26,971,612		20,737,081
Total liabilities	31,619,635		23,865,327
Commitments and contingencies – Note 8	0	[1]	0	[1]
Preferred stock, 10,000,000 authorized, none issued and outstanding as of December 31, 2011 and 2010.	0		0
Common stock subject to redemption rights, $0.0001 par value; 0 and 10,625 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively	0		86,257
Common Stock, $0.0001 par value: 100,000,000 shares authorized; 17,436,825 and 14,453,592 shares issued and outstanding (excluding 0 and 10,625 shares subject to redemption) as of December 31, 2011 and December 31, 2010, respectively	1,744		1,445
Additional paid-in capital	118,146,119		93,819,314
Accumulated deficit	(68,479,638)		(49,650,414)
Total shareholders' equity	49,668,225		44,170,344
Total liabilities and shareholders' equity	$ 81,287,860		$ 68,121,929

[1] Note 8