Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 4,507,848	$ 7,885,652
Accounts receivable, trade	1,166,998	2,074,851
Accounts receivable, related parties	18,500	18,500
Advance Royalties	126,098	114,099
Prepaid Expenses	162,190	73,098
Accounts receivable due from non-operators, net	2,618,331	1,754,020
Deferred financing costs, net of amortization of $950,000 and $712,500	150,475	237,500
Total Current Assets	8,750,440	12,157,720
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $822,364 and $762,132, respectively	1,056,760	1,081,378
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	49,289,162	48,335,664
Unproved properties	9,807,377	9,507,789
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(15,490,420)	(14,545,126)
Oil and gas properties, net	44,993,559	44,685,767
OTHER ASSETS
Other assets	351,902	300,952
Total Other Assets	351,902	300,952
TOTAL ASSETS	55,152,661	58,225,817
CURRENT LIABILITIES
Accounts payable, trade	12,385,983	14,333,750
Accounts and notes payable, related party	1,500	2,150
Accrued expenses	1,183,608	1,152,885
Revenue payable	0	451,825
Income tax payable	270,708	270,708
Notes payable - current	14,859,776	14,308,579
Total Current Liabilities	28,701,575	30,519,897
LONG-TERM LIABILITIES
Notes payable, net	3,542	5,612
Asset retirement obligations	262,122	256,651
Total Long-Term Liabilities	265,664	262,263
Total Liabilities	28,967,239	30,782,160
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 12,981,828 shares issued, and 12,979,828 and 12,979,828 shares outstanding, respectively	12,982	12,982
Additional paid-in capital	39,538,427	39,300,194
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(13,364,037)	(11,867,569)
Total Stockholders' Equity	26,185,422	27,443,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 55,152,661	$ 58,225,817