QUARTERLY RESULTS

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Supplemental Quarterly Financial Information [Text Block]

QUARTERLY RESULTS

	2012			2011
REVENUES:
Quarter Ended:
March 31	$	1,369,058		$	1,327,310
June 30		1,340,314			1,549,029
September 30		1,198,420			1,412,842
December 31		1,087,535			1,400,768
	$	4,995,327		$	5,689,949
NET INCOME (LOSS):
Quarter Ended:
March 31	$	372,096		$	319,642
June 30		288,571			427,023
September 30 (a)		207,896			4,263
December 31  (b)		(91,018	)		344,269
	$	777,545		$	1,095,197
INCOME (LOSS) PER COMMON SHARE:
Quarter Ended:
March 31	$	0.08		$	0.07
June 30		0.06			0.09
September 30 (a)		0.04			0.00
December 31  (b)		(0.01	)		0.07
	$	0.17		$	0.23

(a) Reflects a valuation allowance of $673,000 recorded in the third quarter of 2011 for the write-down of the costs of a well drilled in the first quarter of 2011.

(b) Reflects a valuation allowance of $238,000 recorded in the fourth quarter of 2012 for the write-down of certain oil and gas properties.