CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 3,212,444	$ 8,577,610
Accounts receivable	978,051	15,840
Prepaid expenses	121,655	8,431
Current portion of contingent consideration receivable	250,000	287,000
Total current assets	4,562,150	8,888,881
Contingent consideration receivable, net of current portion and allowance of $878,650	6,062,103	6,185,000
Oil and natural gas properties, full cost method of accounting
Proved properties	7,780,914
Unproved properties	13,321,935	4,343,389
Other property and equipment	62,360	15,706
Total property and equipment	21,165,209	4,359,095
Less, accumulated depreciation, amortization and depletion	(439,924)	(13,725)
Total property and equipment, net	20,725,285	4,345,370
Total assets	31,349,538	19,419,251
Current liabilities:
Accounts payable	2,398,693	325,584
Accounts payable, related parties	6,985	76,777
Accrued expenses		47,267
Royalties payable	315,606	323,600
Current portion of deferred tax liability	80,400	119,400
Total current liabilities	2,801,684	892,628
Asset retirement obligations	3,667
Deferred tax liability, net of current portion	2,232,100	2,573,600
Total liabilities	5,037,451	3,466,228
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 47,402,965 and 37,303,614 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	47,403	37,304
Additional paid-in capital	27,807,637	16,654,223
Accumulated (deficit)	(1,542,953)	(738,504)
Total stockholders' equity	26,312,087	15,953,023
Total liabilities and stockholders' equity	$ 31,349,538	$ 19,419,251