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Consolidated Statements of Operations (USD $)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Dec. 31, 2010
Dec. 31, 2009
Revenue:            
Oil and gas $ 1,252,889 $ 1,089,338 $ 2,506,526 $ 2,651,434 $ 4,879,718 $ 5,676,271
Commodity derivative gain 63,530 (63,480) 124,930 411,130 691,660 226,476
Other income 91,617 73,311 189,475 123,137 360,236 334,878
Total revenue 1,408,036 1,099,169 2,820,931 3,185,701 5,931,614 6,237,625
Expenses:            
Lease operating expenses 445,849 254,117 688,717 511,926 1,053,387 1,134,936
Transportation costs 116,813 80,548 272,205 122,574 444,033 393,409
Production and property taxes 89,343 113,428 196,820 210,982 430,433 563,502
General and administrative 1,144,939 641,858 2,588,915 1,734,377 3,094,410 2,672,215
Depreciation, depletion and amortization 371,400 367,877 746,922 799,880 1,540,175 2,625,086
Accretion of asset retirement obligations 6,041 4,140 11,741 8,482 17,367 43,315
Impairment of oil and gas properties 1,062,498   8,379,719     16,076,515
Total expenses 3,236,883 1,461,968 12,885,039 3,388,221 6,579,805 23,508,978
Operating loss (1,828,847) (362,799) (10,064,108) (202,520) (648,191) (17,271,353)
Other income and (expense):            
Interest income 24 9,728 39 19,133 38,710 37,959
Interest expense (114,281) (18,522) (192,313) (249,646) (352,138) (1,167,247)
Equity investment income 56,269   41,359   22,745  
Gain on sale of oil and gas properties       9,876,510 10,103,932  
Total other income and (expense) (57,988) (8,794) (163,479) 9,645,997 9,813,249 (1,129,288)
Income (loss) before income taxes (1,886,835) (371,593) (10,227,587) 9,443,477 9,165,058 (18,400,641)
Income taxes:            
Provision for income taxes (benefit)   620,000   5,404,000 5,404,000 (4,784,000)
Net income (loss) before non-controlling interests (1,886,835) (991,593) (10,227,587) 4,039,477 3,761,058 (13,616,641)
Net income attributable to non-controlling interests 103,057   103,057 (767,061) (941,093)  
Net income (loss) attributable to controlling interest $ (1,783,778) $ (991,593) $ (10,124,530) $ 3,272,416 $ 2,819,965 $ (13,616,641)