CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 0	$ 0
Accounts receivable, net of allowance $525,556 and $579,588, respectively	11,726,078	16,059,667
Prepaid expenses	844,495	473,616
Derivative instruments	1,892,744	4,538,897
Deferred tax asset	10,361,157
Total current assets	24,824,474	21,072,180
PROPERTY AND EQUIPMENT
Oil and gas properties (successful efforts method of accounting)	740,070,145	663,414,446
Other property and equipment	3,061,635	3,345,798
Accumulated depreciation, depletion and amortization	(442,304,300)	(269,978,945)
Total property and equipment, net	300,827,480	396,781,299
NONCURRENT ASSETS
Deposits	34,743	34,743
Debt issuance cost	1,056,272	1,140,031
Derivative instruments	67,261
Deferred tax asset	41,810,159	17,297,621
Total noncurrent assets	42,968,435	18,472,395
TOTAL ASSETS	368,620,389	436,325,874
CURRENT LIABILITIES
Accounts payable	31,127,671	49,539,258
Accrued liabilities	6,680,843	16,131,324
Asset retirement obligations	876,774	935,705
Derivative instruments		290,703
Deferred tax liability		189,146
Total current liabilities	38,685,288	67,086,136
NONCURRENT LIABILITIES
Long-term debt	239,368,865	190,041,933
Asset retirement obligations	10,152,432	9,071,064
Other noncurrent liabilities	571,687	621,043
Total noncurrent liabilities	250,092,984	199,734,040
Total liabilities	288,778,272	266,820,176
COMMITMENTS AND CONTINGENCIES (see Note 11)
STOCKHOLDERS' EQUITY
Common stock (Par value $0.001; 200,000,000 shares authorized; 46,259,009 and 45,270,768 shares issued and 46,063,822 and 45,129,407 shares outstanding as of December 31, 2012 and 2011, respectively)	46,259	45,271
Additional paid-in capital	246,007,941	243,484,877
Retained deficit	(165,343,525)	(73,352,170)
Treasury stock (At cost, 195,187 and 141,361 shares as of December 31, 2012 and 2011, respectively)	(868,558)	(672,280)
Total stockholders' equity	79,842,117	169,505,698
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 368,620,389	$ 436,325,874