Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements

Schedule of fair value information for financial assets and (liabilities)

Fair value information for financial assets and (liabilities) was as follows at December 31, 2012:

	Total		Fair Value Measurements Using
	Carrying Value		Level 1		Level 2		Level 3
Derivatives
Commodity price contracts	$	1,960,005	$	—	$	1,960,005	$	—

Fair value information for financial assets and (liabilities) was as follows at December 31, 2011:

	Total		Fair Value Measurements Using
	Carrying Value		Level 1		Level 2		Level 3
Derivatives
Commodity price contracts	$	4,248,194	$	—	$	4,248,194	$	—

Schedule of fair value information for non-financial assets and (liabilities) valued on a non-recurring basis

	Carrying		Fair Value Measurements Using						Total Pre-tax (Non-cash) Impairment
	Value (1)		Level 1		Level 2		Level 3		Loss
Year Ended December 31, 2012
Impairment of proved properties	$	149,515,252	$	—	$	—	$	35,149,381	$	114,365,871
Year Ended December 31, 2011
Impairment of proved properties (2)	—		—		—		—		—
Year Ended December 31, 2010
Impairment of proved properties	2,320,977		—		—		1,847,872		473,105

(1) Amounts represent carrying value at the time of the assessment.

(2) We did not measure fair value of non-financial assets or liabilities on a non-recurring basis.