B. FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Commodity derivatives	$ 932,176
Total assets	932,176	818,637
Total Liabilities	20,849	52,186,195
Commodity derivatives – oil
Commodity derivatives	873,601	818,637
Derivative liability		423,217
Commodity derivatives – gas
Commodity derivatives	58,575
Derivative liability	20,849	472,564
Level 1
Total assets	0	0
Total Liabilities		0
Level 1 | Commodity derivatives – oil
Commodity derivatives	0	0
Derivative liability		0
Level 1 | Commodity derivatives – gas
Commodity derivatives	0	0
Derivative liability	0	0
Level 1 | Preferred stock derivative liability
Derivative liability		0
Level 2
Total assets	932,176	818,637
Total Liabilities	20,849	895,781
Level 2 | Commodity derivatives – oil
Commodity derivatives	873,601	818,637
Derivative liability		423,217
Level 2 | Commodity derivatives – gas
Commodity derivatives	58,575	0
Derivative liability	20,849	472,564
Level 2 | Preferred stock derivative liability
Derivative liability		0
Level 3
Total assets	0	0
Total Liabilities		51,290,414
Level 3 | Commodity derivatives – oil
Commodity derivatives	0	0
Derivative liability		0
Level 3 | Commodity derivatives – gas
Commodity derivatives	0	0
Derivative liability	0	0
Level 3 | Preferred stock derivative liability
Derivative liability	$ 0	$ 51,290,414