ORGANIZATION AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

ORGANIZATION AND ACCOUNTING POLICIES

Schedule of components of property and equipment

Property and equipment consisted of the following at December 31:

	2013		2012
	(in thousands)
Drilling rig	$	20,666	$	18,318
Equipment		1,543		1,542
Automobiles and trucks		979		876
Furniture and fixtures		461		461
Land and buildings		906		905
Office equipment		1,874		1,786
		26,429		23,888
Less accumulated depreciation and amortization		7,657		5,947
	$	18,772	$	17,941

Schedule of diluted weighted average common shares

	Year ended December 31,
	2013		2012		2011
Weighted average shares outstanding—basic		72,390,584		71,376,046		70,830,855
Incremental shares issuable from dilutive stock options		155,625		720,626		1,216,633
Weighted average shares outstanding—diluted		72,546,209		72,096,672		72,047,488

Schedule of potential common shares excluded from the computations of diluted earnings (loss) per share

	Year ended December 31,
	2013		2012		2011
Employee stock options		891,405		575,750		918,416
Convertible debentures		32,720		32,720		47,170
Preferred stock		5,352		5,352		5,352
Restricted Stock		1,898,133		1,606,460		615,731

Schedule of reconciliation of the Company's asset retirement obligations

	December 31,
	2013			2012
	(in thousands)
Balance at beginning of year	$	25,236		$	15,507
Liabilities incurred in current year		1,139			261
Obligations on properties acquired		—			3,499
Liabilities settled in current year		(1,846	)		(1,287	)
Accretion expense		2,256			1,525
Revisions in estimated cash flows		—			5,731
Carrying amount	$	26,785		$	25,236