Consolidated Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Operations [Abstract]
REVENUES	$ 14,721,233	$ 6,099,953
COSTS AND EXPENSES
Production costs	4,051,496	2,217,360
Depreciation, depletion, amortization and accretion	5,565,679	3,086,531
Impairment of oil and gas properties	1,288,049	216,430
Selling, general and administrative	5,673,939	3,895,079
Total Costs and Expenses	16,579,163	9,415,400
Gain on sale of assets	12,627,896	24,791,029
INCOME FROM OPERATIONS	10,769,966	21,475,582
OTHER INCOME (EXPENSES)
Interest income	1,043	14,452
Interest expense	(1,679,276)	(3,232,226)
Gain on derivative contracts	48,943	118,042
Total Other Income (Expenses)	(1,629,290)	(3,099,732)
NET INCOME BEFORE INCOME TAXES	9,140,676	18,375,850
INCOME TAX	214,000	450,000
NET INCOME	$ 8,926,676	$ 17,925,850
EARNINGS PER SHARE - BASIC	$ 0.70	$ 1.44
EARNINGS PER SHARE - DILUTED	$ 0.66	$ 1.40
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC	12,807,964	12,426,252
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED	13,552,221	12,837,551