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Consolidated Statements of Operations (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenue:    
Oil and gas$ 3,387,665$ 1,138,872$ 5,894,191$ 3,790,306
Commodity derivative gain155,570290,840280,500701,970
Other income291,093132,186480,568255,323
Total revenue3,834,3281,561,8986,655,2594,747,599
Expenses:    
Lease operating expenses625,100255,2211,313,817767,147
Transportation costs469,650103,724741,855226,298
Production and property taxes213,597101,666410,417312,648
General and administrative1,182,166677,3943,771,0812,411,771
Depreciation, depletion and amortization914,182363,3831,661,1041,163,263
Accretion of asset retirement obligations59,5744,13971,31512,621
Impairment of oil and gas properties3,825,042 12,204,761 
Total expenses7,289,3111,505,52720,174,3504,893,748
Operating (loss) income(3,454,983)56,371(13,519,091)(146,149)
Other income and (expense):    
Interest income62910,19666829,329
Interest expense(130,834)(41,354)(323,147)(291,000)
Loss on disposition of fixed asset  (12,564) 
Other expenses(450,000) (450,000) 
Equity investment (loss) income(36,479) 4,880 
Gain on sale of oil and gas properties   9,876,510
Total other income and (expense)(616,684)(31,158)(780,163)9,614,839
(Loss) income before income taxes(4,071,667)25,213(14,299,254)9,468,690
Provision for income taxes   5,404,000
Net (loss) income before non-controlling interests(4,071,667)25,213(14,299,254)4,064,690
Net loss (income) attributable to non-controlling interests844,136(141,392)947,193(908,453)
Net (loss) income attributable to controlling interest$ (3,227,531)$ (116,179)$ (13,352,061)$ 3,156,237
Net (loss) income per common share:    
Basic (in dollars per share)$ (0.03)$ 0.00$ (0.20)$ 0.07
Diluted (in dollars per share)$ (0.03)$ 0.00$ (0.20)$ 0.07
Weighted average common shares outstanding:    
Basic (in shares)107,880,66745,946,53066,643,32945,946,530
Diluted (in shares)107,880,66745,946,53066,643,32948,194,319