BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current Assets
Cash and Cash Equivalents	$ 3,090,907	$ 2,946,131
Accounts Receivable, net	1,601,348	1,872,067
Prepaid Expenses	392,770	432,168
Deferred Tax Asset	661,645	661,645
Available for Sale Securities	32,699	31,027
Inventory	601,714	664,458
Total Current Assets	6,381,083	6,607,496
Other Assets	6,946	6,946
Deferred Tax Asset-Noncurrent	6,541,634	6,055,803
Oil and Gas Properties, at cost, (successful efforts basis), Equipment and Fixtures	8,057,773	8,075,344
Total Assets	20,987,436	20,745,589
Current Liabilities:
Accounts Payable and Accrued Expenses	4,824,173	4,542,741
Current Portion of Long-Term Debt	2,350,000	0
Current Portion of Deferred Tax Liability	1,726	1,240
Deferred Revenue from Turnkey Drilling	5,828,910	4,879,853
Total Current Liabilities	13,004,809	9,423,834
Noncurrent Liabilities:
Asset Retirement Obligation	578,404	575,612
Long-Term Debt, Net of Current Portion	0	2,750,000
Total Noncurrent Liabilities	578,404	3,325,612
Total Liabilities	13,583,213	12,749,446
Stockholders' Equity:
Common Stock, no par value, authorized 20,000,000 shares, 11,027,768 and 10,823,050 shares issued; 10,995,149 and 10,790,431 shares outstanding, respectively	28,884,066	28,298,228
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)	(22,100,521)	(20,911,762)
Accumulated Other Comprehensive Income	4,221	3,035
Total Paid in Capital and Accumulated Deficit	6,941,780	7,543,515
Less Cost of Treasury Stock 32,619 and 32,619 shares	(179,376)	(179,376)
Additional Paid in Capital	641,819	632,004
Total Stockholders' Equity	7,404,223	7,996,143
Total Liabilities and Stockholders' Equity	$ 20,987,436	$ 20,745,589