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Oil and Gas Properties (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of composition of exploration expenses

The following table sets forth the composition of exploration expenses for the years ended December 31:

	2012			2011		2010
Lease rental (income) expense	$	(68,205	)	$	—	$	70,839
Geological and geophysical	197,452			374,782		591,909
Settled asset retirement obligations	163,404			620,630		304,574
Total	$	292,651		$	995,412	$	967,322

Schedule of composition of impairment and abandonment expenses

The following table sets forth the composition of impairment and abandonment expenses for the years ended December 31:

	2012		2011		2010
Impairment and abandonment of proved properties	$	114,365,871	$	—	$	473,105
Impairment and abandonment of unproved properties	3,524,368		14,954,633		21,780,954
Total	$	117,890,239	$	14,954,633	$	22,254,059

Schedule of oil and gas property dispositions

The following table shows oil and gas property dispositions as of December 31:

	2012		2011		2010
Oil and gas properties	$	—	$	—	$	2,601,997
Accumulated depreciation, depletion, amortization and impairments	—		—		(1,406,066		)
Net oil and gas properties	$	—	$	—	$	1,195,931

- Definition

Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

+ References+ Details