Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 10,745,932	$ (2,195,906)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation, depletion, amortization and accretion	2,403,920	1,143,720
Amortization of financing cost and debt discount		251,092
Share-based compensation	416,764	94,314
(Gain) loss on sale of assets	(12,624,365)	184
Amortization of financing cost	237,500
Unrealized loss on derivative contracts	110,904	3,140
Changes in operating assets and liabilities:
Accounts receivable, trade	(2,496,254)	(21,496)
Accounts receivable, related parties		18,500
Accounts receivable due from non-operator, net	11,161	(1,355,916)
Prepaid expenses and other current assets	753,285
Accounts payable and accrued expenses	5,091,823	(843,026)
Revenue payable	2,882,135
Income tax payable	250,000
Net cash provided (used) by operating activities	7,782,805	(2,905,394)
CASH FLOWS FROM INVESTING ACTIVITIES:
Collections on note receivable	27,295	155,586
Proceeds from sale of assets	13,782,281	1,500
Expenditures for oil and gas properties	(12,009,262)	(925,632)
Expenditures for property and equipment	(27,322)	(55,406)
Net cash provided (used) by investing activities	1,772,992	(823,952)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuances of common stock	49,000
Proceeds from notes payable		52,756
Payments on notes payable	(5,031,499)	(49,575)
Net cash (used) provided by financing activities	(4,982,499)	3,181
NET CHANGE IN CASH	4,573,298	(3,726,165)
CASH, BEGINNING OF PERIOD	1,037,941	4,602,170
CASH, END OF PERIOD	5,611,239	876,005
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Cash paid for interest	430,117	1,151,093
Cash paid for income taxes	0	0
Non-cash investing and financing activities:
Accrued expenditures for oil and gas properties	273,113	4,730,292
Reclass from accrued expenses to notes payable	725,000
Conversion of related party debt to common stock		578,858
Increase in asset retirement obligation	5,683
Accrued expenditures for debt refinancing	$ 920,000