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Consolidated Balance Sheets (USD $)
Dec. 31, 2010
Dec. 31, 2009
Current assets:  
Cash and cash equivalents$ 845,054$ 208,295
Accounts receivable:  
Revenue752,8451,213,942
Joint interest billings and other258,34015,736
Prepaid expenses, deposits and other current assets84,94187,756
Deferred offering costs169,283 
Derivative assets170,840 
Total current assets2,281,3031,525,729
Oil and gas properties, full cost method of accounting:  
Proved, net21,414,36536,737,553
Unproved2,163,8995,135,018
Other property and equipment, net80,703128,187
Total property and equipment, net23,658,96742,000,758
Equity method investment582,745 
Other long-term assets463,110261,014
Deferred tax asset 4,784,000
Total assets26,986,12548,571,501
Current liabilities:  
Accounts payable and accrued liabilities1,632,1931,906,230
Derivative liabilities 123,670
Total current liabilities1,632,1932,029,900
Non-current liabilities:  
Due to related parties (note 14)3,073,0365,504,213
Asset retirement obligations (note 1)351,954749,470
Notes payable (note 7)3,116,38324,047,233
Total non-current liabilities6,541,37330,300,916
Commitments and contingencies (notes 11 and 12)  
Stockholders' equity:  
Preferred stock, $0.01 par value; authorized 1,000 shares, no shares issued  
Common stock, $0.01 par value; authorized 100,000 shares, 29,375 shares issued and 28,921 and 29,375 shares outstanding at December 31, 2010 and 2009, respectively282282
Additional paid-in capital28,179,39828,179,398
Non-controlling interests637,612847,181
Share purchase promissory note (note 9) (655,298)
Treasury stock, at cost (note 9)(693,820) 
Accumulated deficit(9,310,913)(12,130,878)
Total stockholders' equity18,812,55916,240,685
Total liabilities and stockholders' equity$ 26,986,125$ 48,571,501