Consolidated Balance Sheets (USD $)	Jun. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 5,611,239	$ 1,037,941
Accounts receivable, trade	3,691,513	1,195,259
Accounts receivable, related parties	18,500	18,500
Advance Royalties	114,098	99,381
Prepaid Expenses	57,644	825,646
Accounts receivable due from non-operators, net	71,803	82,964
Note receivable	0	27,295
Derivative assets	76,686	187,590
Total Current Assets	9,641,483	3,474,576
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $687,038 and $612,047, respectively	1,075,832	1,148,500
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	46,786,894	36,579,636
Unproved properties	7,079,072	6,156,188
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(10,203,608)	(7,909,714)
Oil and gas properties, net	45,049,798	36,213,550
OTHER ASSETS
Deferred financing costs, net of amortization of $237,500	712,500	0
Other assets	50,952	50,952
Total other assets	763,452	50,952
TOTAL ASSETS	56,530,565	40,887,578
CURRENT LIABILITIES
Accounts payable, trade	8,916,651	3,850,278
Accounts and notes payable, related party	2,150	2,150
Accrued expenses	2,018,055	1,494,493
Revenue payable	2,882,135	0
Income tax payable	700,000	450,000
Notes payable - current	13,081,587	17,377,479
Total Current Liabilities	27,600,578	23,174,400
LONG-TERM LIABILITIES
Notes payable, net	10,211	20,818
Asset retirement obligations	235,198	219,478
Total Long-Term Liabilities	245,409	240,296
Total Liabilities	27,845,987	23,414,696
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock; 10,000,000 shares authorized at $0.001 par value; -0- shares issued and outstanding	0	0
Common stock; 500,000,000 shares authorized at $0.001 par value; 12,874,078 and 12,737,328 shares issued, respectively, and 12,872,078 and 12,735,328 shares outstanding, respectively	12,874	12,737
Additional paid-in capital	38,721,967	38,256,340
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(10,048,313)	(20,794,245)
Total Stockholders' Equity	28,684,578	17,472,882
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 56,530,565	$ 40,887,578