STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (70,337,035)	$ 4,351,880
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion of oil and gas properties	9,278,108	9,359,952
Depreciation and amortization	16,295	29,138
Amortization of debt issuance costs	751,019	326,258
Accretion of discount on asset retirement obligations	32,574	22,361
Loss (gain) on the mark-to-market of derivatives	6,425,345	(7,793,421)
Accrued payment in kind interest applied to long term debt	1,293,543	1,105,203
Amortization of original issue discount on debt	426,734	144,904
Amortization of debt discounts, warrants	1,645,749	628,195
Common stock options issued to employees and directors	623,700	578,919
Deferred income taxes	(6,593,040)	2,559,195
Impairment of oil and natural gas properties	71,272,000	0
Decrease (increase) in current assets:
Accounts receivable	702,025	(2,834,704)
Prepaid expenses	4,287	(15,245)
Increase (decrease) in current liabilities:
Accounts payable	80,469	426,558
Accrued expenses	(1,605)	52,622
Net cash provided by operating activities	15,620,168	8,941,815
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale or swap of oil and gas properties	127,348	1,441,929
Purchases of oil and natural gas properties and development capital expenditures	(20,714,004)	(24,739,407)
Advances to operators	0	(5,822,086)
Purchases of other property and equipment	0	(23,522)
Net cash used in investing activities	(20,586,656)	(29,143,086)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving credit facilities and long term debt	16,050,000	29,800,000
Repayments on revolving credit facilities	(10,900,000)	(10,400,000)
Debt issuance costs	(50,000)	(254,394)
Net cash provided by financing activities	5,100,000	19,145,606
NET CHANGE IN CASH	133,512	(1,055,665)
CASH AT BEGINNING OF PERIOD	94,682	1,150,347
CASH AT END OF PERIOD	228,194	94,682
SUPPLEMENTAL INFORMATION:
Interest paid	4,382,262	3,401,028
Income taxes paid	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net change in accounts payable for purchase of oil and gas properties	(2,465,293)	1,410,995
Advances to operators applied to purchase of oil and gas properties	0	6,036,748
Advances to operators reclassified to accounts receivable	0	1,000,000
Capitalized asset retirement costs, net of revision in estimate	$ 48,711	$ 103,778