BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 1,401,141	$ 8,577,610
Accounts receivable	673,003	15,840
Prepaid expenses	92,648	8,431
Current portion of contingent consideration receivable	2,309,752	287,000
Total current assets	4,476,544	8,888,881
Contingent consideration receivable, net of current portion and allowance of $878,650	3,698,850	6,185,000
Oil and natural gas properties, full cost method of accounting
Proved properties	10,867,443
Unproved properties	13,236,057	4,343,389
Other property and equipment	78,489	15,706
Total property and equipment	24,181,989	4,359,095
Less, accumulated depreciation, amortization and depletion	(3,325,497)	(13,725)
Total property and equipment, net	20,856,492	4,345,370
Total assets	29,031,886	19,419,251
Current liabilities:
Accounts payable	2,820,936	325,584
Accounts payable, related parties	9,206	76,777
Accrued expenses		47,267
Royalties payable	300,431	323,600
Current portion of deferred tax liability		119,400
Total current liabilities	3,130,573	892,628
Asset retirement obligations	3,900
Deferred tax liability, net of current portion	1,012,095	2,573,600
Total liabilities	4,146,568	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 December 31, 2011 and 2010, respectively	47,403	37,304
Additional paid-in capital	28,058,674	16,654,223
Accumulated (deficit)	(3,220,759)	(738,504)
Total stockholders' equity	24,885,318	15,953,023
Total liabilities and stockholders' equity	$ 29,031,886	$ 19,419,251