Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 11,362,105	$ 21,382,548
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation, depletion, amortization and accretion	3,764,598	1,926,863
Amortization of financing cost and debt discount	475,000	251,092
Interest added to loan	786,167
Warrants issued for outside services		310,444
Share-based compensation	625,411	94,314
Gain on sale of assets	(12,627,896)	(24,796,786)
Unrealized loss on derivative contracts	131,648	70,234
Changes in operating assets and liabilities:
Accounts receivable, trade	(782,162)	22,903
Accounts receivable due from non-operator, net	82,964	(3,376,395)
Prepaid expenses and other current assets	(161,184)	(13,854)
Accounts payable and accrued expenses	7,260,305	(1,039,954)
Advance non-operator	646,135
Revenue payable	22,553
Income tax payable	222,662	450,000
Net cash provided (used) by operating activities	11,808,306	(4,718,591)
CASH FLOWS FROM INVESTING ACTIVITIES:
Deferred financing cost	(750,000)
Collections on note receivable	27,295	208,579
Proceeds from sale of assets	13,785,812	23,501,500
Expenditures for oil and gas properties	(15,110,857)	(7,153,890)
Expenditures for property and equipment	(47,141)	(150,218)
Net cash (used) provided by investing activities	(2,094,891)	16,405,971
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuances of common stock	49,000
Proceeds from notes payable		76,215
Payments on notes payable	(5,044,529)	(15,069,350)
Net cash used by financing activities	(4,995,529)	(14,993,135)
NET CHANGE IN CASH	4,717,886	(3,305,755)
CASH, BEGINNING OF PERIOD	1,037,941	4,602,170
CASH, END OF PERIOD	5,755,827	1,296,415
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Cash paid for interest	430,954	1,561,848
Cash paid for income taxes	0	0
Non-cash investing and financing activities:
Accrued expenditures for oil and gas properties	1,347,801	2,553,461
Reclass from accrued expenses to notes payable	725,000
Conversion of related party debt to common stock		578,858
Increase in asset retirement obligation	7,766	3,091
Accrued expenditures for debt refinancing	250,000
Interest added to loan	$ 786,167