Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 7,885,652	$ 1,037,941
Accounts receivable, trade	2,074,851	1,195,259
Accounts receivable, related parties	18,500	18,500
Advance royalties	114,099	99,381
Prepaid drilling expenses	73,098	825,646
Accounts receivable due from non-operators, net	1,754,020	82,964
Note receivable	0	27,295
Deferred financing costs, net	237,500	0
Derivative assets	0	187,590
Total Current Assets	12,157,720	3,474,576
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $762,132 and $612,047, respectively	1,081,378	1,148,500
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	48,335,664	36,579,636
Unproved properties	9,507,789	6,156,188
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(14,545,126)	(7,909,714)
Oil and gas properties, net	44,685,767	36,213,550
OTHER ASSETS
Other assets	300,952	50,952
Total Other Assets	300,952	50,952
TOTAL ASSETS	58,225,817	40,887,578
CURRENT LIABILITIES
Accounts payable, trade	14,333,750	4,116,510
Accounts and notes payable, related party	2,150	2,150
Accrued expenses	1,152,885	1,228,261
Revenue Payable	451,825	0
Income Tax Payable	270,708	450,000
Notes payable - current, net of unamortized discount of $0 and $145,677, respectively	14,308,579	17,377,479
Total Current Liabilities	30,519,897	23,174,400
LONG-TERM LIABILITIES
Notes payable	5,612	20,818
Asset retirement obligations	256,651	219,478
Total Long-Term Liabilities	262,263	240,296
Total Liabilities	30,782,160	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
Common stock; 500,000,000 shares authorized at $0.001 par value; 12,981,828 and 12,737,328 shares issued, and 12,979,828 and 12,735,328 shares outstanding, respectively	12,982	12,737
Additional paid-in capital	39,300,194	38,256,340
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(11,867,569)	(20,794,245)
Total Stockholders' Equity	27,443,657	17,472,882
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 58,225,817	$ 40,887,578