SIGNIFICANT ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2013

SIGNIFICANT ACQUISITIONS [Abstract]

Summary of Allocation of Assets Acquired and Liablities Assumed in Acquisition

The following  table presents the allocation of the purchase price to the assets

acquired and  liabilities  assumed,  based on their fair values at June 30, 2013

and September 1, 2013, respectively:

                           Purchase price:

                           Oil and gas properties             $4,124,105

                           Liabilities assumed                $  281,962  

                                                              ----------

                           Total consideration                $3,842,143

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