Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 8,926,676	$ 17,925,850
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation, depletion, amortization and accretion	5,565,679	3,086,531
Impairment of oil and gas properties	1,288,049	216,430
Amortization of financing cost and debt discount	712,500	251,090
Share-based compensation	975,099	943,916
Gain on sale of assets and oil and gas properties	(12,627,896)	(24,791,029)
Unrealized loss on derivative contracts	187,590	207,076
Interest expense added to principal	1,245,698	539,835
Changes in operating assets and liabilities:
Accounts receivable, trade	(879,592)	174,770
Accounts receivable due from non-operator, net	(1,671,056)	604,551
Advance royalties and other assets	(14,718)	(3,854)
Prepaid drilling costs	752,548	(825,646)
Accounts payable and accrued expenses	11,798,817	491,519
Revenue payable	451,825
Income tax payable	(179,292)	450,000
Net cash provided (used) by operating activities	16,531,927	(728,961)
CASH FLOWS FROM INVESTING ACTIVITIES:
Collections on note receivable	27,295	316,298
Proceeds from sale of assets	13,785,812	23,508,044
Expenditures for oil and gas properties	(17,531,269)	(11,435,045)
Expenditures for property and equipment	(130,252)	(213,593)
Net cash (used) provided by investing activities	(3,848,414)	12,175,704
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Fees	(850,000)
Issuance common stock	69,000
Proceeds from notes payable		76,215
Payments on notes payable	(5,054,802)	(15,087,187)
Net cash used by financing activities	(5,835,802)	(15,010,972)
NET CHANGE IN CASH	6,847,711	(3,564,229)
CASH, BEGINNING OF YEAR	1,037,941	4,602,170
CASH, END OF YEAR	7,885,652	1,037,941
CASH PAID FOR:
Interest	434,056	2,517,839
Income Taxes	212,272
Non-cash investing and financing activities
Accrued expenditures for oil and gas properties	1,235,881	2,477,868
Conversion of related party debt to common stock		578,858
Increase in asset retirement obligation	16,229	4,637
Increase in note payable for oil and gas property purchase		1,780,404
Reclass from accrued expense to notes payable	725,000
Accrued expenditures for debt refinancing	350,000
Purchase of oil and gas properties with drilling credit		$ 3,459,448