CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 5,355,191	$ 11,558,322
Short-term investments		1,170,868
Accounts receivable, net of allowance for doubtful accounts:
Trade	$ 2,829,266	9,739,737
Officers and employees	75,404	316,077
Other	633,573	856,562
Commodity derivative instruments	2,658,047	3,338,537
Prepayments	704,523	782,234
Other deferred charges	415,740	342,798
Total current assets	12,671,744	28,105,135
OIL AND GAS PROPERTIES (full cost method):
Not subject to amortization	14,288,716	25,707,052
Subject to amortization	204,512,038	186,530,863
Subtotal	218,800,754	212,237,915
Less: accumulated depreciation, depletion and amortization	(117,304,945)	(103,929,493)
Net oil and gas properties	101,495,809	108,308,422
OTHER PROPERTY AND EQUIPMENT:
Land, buildings and improvements	2,795,000	2,795,000
Other property and equipment	3,460,507	3,439,688
Total	6,255,507	6,234,688
Less: accumulated depreciation and amortization	(2,174,316)	(1,909,352)
Net other property and equipment	4,081,191	4,325,336
OTHER ASSETS AND DEFERRED CHARGES:
Commodity derivative instruments	1,070,541	1,403,109
Deposits	$ 264,064	264,064
Goodwill		5,349,988
Other noncurrent assets	$ 38,104	262,200
Total other assets and deferred charges	1,372,709	7,279,361
Total assets	119,621,453	148,018,254
CURRENT LIABILITIES:
Current maturities of debt	30,063,635	282,843
Accounts payable, principally trade	7,933,664	$ 25,004,364
Asset retirement obligations	70,000
Other accrued liabilities	1,781,484	$ 1,419,565
TOTAL CURRENT LIABILITIES	$ 39,848,783	26,706,772
LONG-TERM DEBT:
Bank debt		22,900,000
OTHER NONCURRENT LIABILITIES:
Asset retirement obligations	$ 8,720,498	12,487,770
Deferred taxes	$ 6,797,166	14,773,306
Restricted stock units		71,569
Other liabilities	$ 30,090	22,451
Total other noncurrent liabilities	15,547,754	27,355,096
EQUITY:
Preferred stock	10,828,603	9,958,217
Common stock, no par value (300 million shares authorized, 71,834,617 and 69,139,869 issued)	$ 141,858,946	137,469,772
Accumulated other comprehensive income		38,801
Accumulated earnings (deficit)	$ (88,462,633)	(76,410,404)
Total equity	64,224,916	71,056,386
Total liabilities and equity	$ 119,621,453	$ 148,018,254