Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 2,684,569	$ 984,770
Short-term investments	44,458	44,422
Accounts receivable:
Oil and natural gas sales	710,852	723,218
Joint interest billings, less allowance for doubtful accounts of $99,000 each period	209,474	246,655
Current derivative asset	164,000	0
Deferred income tax asset	0	99,000
Prepaid income taxes	332,134	206,000
Prepaid drilling expense	975,538	975,538
Prepaid expenses and other current assets	67,850	76,433
Total current assets	5,188,875	3,356,036
PROPERTY AND EQUIPMENT:
Oil and natural gas properties (successful efforts method)	24,206,053	24,434,664
Other equipment	52,113	89,248
Less accumulated depletion and depreciation	(9,504,889)	(9,318,340)
Net property and equipment	14,753,277	15,205,572
Total assets	19,942,152	18,561,608
CURRENT LIABILITIES:
Accounts payable and accrued expenses	341,302	553,760
Oil and natural gas revenues payable	240,392	198,247
Total current liabilities	581,694	752,007
LONG-TERM DEBT	6,740,000	6,740,000
DEFERRED INCOME TAXES	1,671,000	1,033,000
ASSET RETIREMENT OBLIGATION	1,468,002	1,405,002
Total liabilities	10,460,696	9,930,009
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 75,000,000 shares authorized; 8,910,175 shares issued and 7,997,175 and 8,077,175 outstanding, each period, respectively	89,101	89,101
Additional paid-in capital	4,573,580	4,573,580
Retained earnings	6,750,490	5,577,260
Treasury stock, 913,000 and 833,000 shares, at cost	(1,931,715)	(1,608,342)
Total stockholders' equity	9,481,456	8,631,599
Total liabilities and stockholders' equity	$ 19,942,152	$ 18,561,608