CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 1,408,075	$ 2,037,593
Certificates of deposit	44,702	44,469
Accounts receivable:
Oil and natural gas sales	1,193,495	1,007,025
Joint interest billings, less allowance for doubtful accounts of approximately $174,000 and $99,000 respectively	229,406	209,209
Income taxes receivable	196,555	332,134
Deferred income tax asset-current	171,000	58,000
Prepaid expenses and other current assets	42,349	121,745
Total current assets	3,285,582	3,810,175
PROPERTY AND EQUIPMENT:
Oil and natural gas properties (successful efforts method)	32,210,252	27,616,928
Other equipment	52,113	52,113
Less accumulated depletion and depreciation	(12,412,517)	(10,116,327)
Net property and equipment	19,849,848	17,552,714
Total assets	23,135,430	21,362,889
CURRENT LIABILITIES:
Accounts payable and accrued expenses	889,796	2,506,145
Oil and natural gas revenues payable	286,234	259,129
Asset retirement obligation - current	0	25,000
Total current liabilities	1,176,030	2,790,274
LINE OF CREDIT	6,740,000	6,740,000
DEFERRED INCOME TAXES	2,442,000	1,467,000
ASSET RETIREMENT OBLIGATION	1,595,935	1,490,002
Total liabilities	11,953,965	12,487,276
COMMITMENTS AND CONTINGENCIES (Notes 9 and 10)
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 75,000,000 shares authorized; 8,970,936 and 8,910,175 shares issued, respectively; and 8,043,936 and 7,983,175 outstanding, respectively	89,709	89,101
Additional paid-in capital	11,661,922	4,573,580
Retained earnings	1,396,726	6,179,824
Treasury stock, 927,000 shares, each period, at cost	(1,966,892)	(1,966,892)
Total stockholders' equity	11,181,465	8,875,613
Total liabilities and stockholders' equity	$ 23,135,430	$ 21,362,889