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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:        
Oil and natural gas sales $ 664,206 $ 645,069 $ 1,638,218 $ 1,680,464
Royalty Revenues 553   533  
Sale of oil and natural gas properties 27,500   28,449 533,048
Total revenues 692,259 645,069 1,667,200 2,213,512
Oil and gas producing activities:        
Lease operating expenses 187,126 188,483 528,526 590,136
Production taxes 58,586 57,023 135,451 141,349
Depreciation, depletion, amortization and accretion 209,611 258,121 532,946 594,957
Gas gathering:        
Operating expenses 3,543 4,561 11,228 11,881
Depreciation 11,055 11,055 33,165 33,165
General and administrative expenses:        
Director fees 450 1,875 1,800 61,875
Investor relations 10,922 68,439 86,349 198,470
Legal, auditing and professional services 21,580 54,209 118,470 131,851
Consulting and executive services:        
Related parties 30,750 35,750 92,250 352,250
Unrelated parties   55,782   132,286
Other administrative expenses 3,653 23,060 44,215 65,856
Depreciation 142 142 427 427
Total operating expenses 537,418 758,500 1,584,827 2,314,503
Operating income (loss) 154,841 (113,431) 82,373 (100,991)
Other income (expense):        
Interest income   5 1 225
Interest expense (36,693) (14,280) (98,493) (46,681)
Income (loss) before income taxes 118,148 (127,706) (16,119) (147,447)
Income tax benefit (expense)            
Net income (loss) 118,148 (127,706) (16,119) (147,447)
Net Income (Loss) Applicable to Common Stockholders:        
Net income (loss) 118,148 (127,706) (16,119) (147,447)
Redemption of preferred stock 106,661   3,160,026  
Accrued preferred stock dividends (3,750) (195,937) (209,063) (587,812)
Net income (loss) applicable to common stockholders $ 221,059 $ (323,643) $ 2,934,844 $ (735,259)
Earnings Income (Loss) Per Share Applicable to Common Stockholders:        
Basic $ 0.02 $ (0.04) $ 0.30 $ (0.09)
Diluted $ 0.02 $ (0.04) $ 0.22 $ (0.09)
Weighted Average Number of Common Shares Outstanding:        
Basic 13,400,000 7,980,000 9,850,000 7,845,000
Diluted 13,451,466 7,980,000 13,451,466 7,845,000