BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
Current Assets
Cash and Cash Equivalents	$ 6,273,254	$ 4,630,722
Accounts Receivable, net	2,574,013	2,451,047
Prepaid Expenses	364,534	586,486
Deferred Tax Asset	352,553	541,442
Inventory	875,044	850,385
Total Current Assets	10,439,398	9,060,082
Other Assets	6,946	6,946
Deferred Tax Asset-Noncurrent	4,495,145	4,495,145
Oil and Gas Properties, at cost, (successful efforts basis), Equipment and Fixtures	11,241,446	10,258,240
Total Assets	26,182,935	23,820,413
Current Liabilities:
Accounts Payable and Accrued Expenses	4,229,310	5,235,166
Deferred Revenue from Turnkey Drilling	5,723,401	3,866,319
Total Current Liabilities	9,952,711	9,101,485
Noncurrent Liabilities:
Asset Retirement Obligation	586,897	580,568
Long-Term Debt, Net of Current Portion	3,250,000	3,200,000
Total Noncurrent Liabilities	3,836,897	3,780,568
Total Liabilities	13,789,608	12,882,053
Stockholders' Equity:
Common Stock, no par value, authorized 20,000,000 shares, 10,794,718 and 10,307,350 shares issued; 10,762,099 and 10,274,731 shares outstanding, respectively	28,298,229	27,246,740
Convertible preferred stock, Series AA, no par value, 147,500 shares authorized; 52,784 and 52,784 shares issued and outstanding, respectively	154,014	154,014
Accumulated Deficit	(16,471,224)	(16,807,424)
Total Paid in Capital and Accumulated Deficit	11,981,019	10,593,330
Less Cost of Treasury Stock 32,619 and 32,619 shares	(179,376)	(179,376)
Additional Paid in Capital	591,684	524,406
Total Stockholders' Equity	12,393,327	10,938,360
Total Liabilities and Stockholders' Equity	$ 26,182,935	$ 23,820,413