Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2011

Results Of Operations, Revenue From Oil and Gas Producing Activities [Abstract]

Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]

NOTE 16- QUARTERLY RESULTS (UNAUDITED)

The following tables contain selected unaudited statement of operations information for each quarter of 2011 and 2010. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

	Year Ended December 31, 2011
	Fourth				Third				Second				First
	Quarter				Quarter				Quarter				Quarter
Revenues		$	1,944,454			$	2,630,933			$	2,811,429			$	1,273,675
Income (loss) from operations			(6,297,854	)			(939,330	)			(4,069,541	)			(2,052,133	)
Net earnings (loss)			(7,295,537	)			(3,027,618	)			(4,762,881	)			(3,743,187	)
Net earnings per common share:
Basic and diluted		$	(0.47	)		$	(0.19	)		$	(0.30	)		$	(0.25	)
Weighted average shares outstanding
Basic and diluted			15,543,758				15,775,135				15,635,346				14,778,206

	Year Ended December 31, 2010
	Fourth				Third				Second				First
	Quarter				Quarter				Quarter				Quarter
Revenues		$	1,519,702			$	2,552,790			$	5,194,849			$	490,351
Income (loss) from operations			(4,191,728	)			(5,900,630	)			(792,880	)			(2,242,252	)
Net earnings (loss)			(6,230,293	)			(7,491,246	)			(3,196,779	)			(2,820,715	)
Net earnings per common share:
Basic and diluted		$	(1.47	)		$	(2.53	)		$	(1.99	)		$	(1.04	)
Weighted average shares outstanding
Basic and diluted			9,167,803				2,962,882				6,362,922				2,927,759