UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 1,734,121	$ 2,648,487
Certificates of deposit	30,807	44,721
Accounts receivable:
Oil and natural gas sales	1,050,777	1,078,333
Joint interest billings, less allowance for doubtful accounts of approximately $174,000 each period	318,568	226,743
Prepaid income taxes	344,392	319,097
Deferred income tax asset-current	98,000	64,000
Prepaid expenses and other current assets	115,884	64,751
Total current assets	3,692,549	4,446,132
PROPERTY AND EQUIPMENT:
Oil and natural gas properties (successful efforts method)	40,908,854	35,256,754
Other equipment	68,948	62,836
Less accumulated depletion and depreciation	(16,835,394)	(14,802,894)
Net property and equipment	24,142,408	20,516,696
Total assets	27,834,957	24,962,828
CURRENT LIABILITIES:
Accounts payable and accrued expenses	1,636,984	742,493
Oil and gas revenues payable	213,266	240,588
Unrealized loss on commodity derivatives	0	4,000
Total current liabilities	1,850,250	987,081
LONG-TERM DEBT	7,240,000	6,740,000
DEFERRED INCOME TAXES	3,437,000	2,973,000
ASSET RETIREMENT OBLIGATION	1,774,611	1,712,685
Total liabilities	14,301,861	12,412,766
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 75,000,000 shares authorized; 9,052,378 and 8,993,336 shares issued, respectively, and 8,125,378 and 8,066,336 outstanding, respectively.	90,523	89,933
Additional paid-in capital	12,059,167	11,751,298
Retained earnings	3,350,298	2,675,723
Treasury stock, 927,000 shares, each period, at cost	(1,966,892)	(1,966,892)
Total stockholders' equity	13,533,096	12,550,062
Total liabilities and stockholders' equity	$ 27,834,957	$ 24,962,828