Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (1,496,468)	$ 11,533,275
Adjustments to reconcile net (loss) income to net cash (used) provided by operating activities:
Depreciation, depletion, amortization and accretion	1,010,998	553,742
Share-based compensation	238,233	97,442
(Gain) loss on sale of assets	(61,855)	(12,624,365)
Amortization of financing cost	237,500
Gain (loss) on derivative contracts		60,609
Interest expense added to principle	437,934
Changes in operating assets and liabilities:
Accounts receivable, trade	907,853	(138,348)
Accounts receivable due from non-operator, net	(864,311)	(1,656,134)
Prepaid expenses and other current assets	(101,091)	792,179
Accounts payable and accrued expenses	(1,797,752)	3,997,017
Revenue payable	(451,825)
Accounts payable related party	(650)
Net cash (used) provided by operating activities	(1,941,434)	2,615,417
CASH FLOWS FROM INVESTING ACTIVITIES:
Deferred financing cost	(201,425)
Collections on note receivable		27,295
Proceeds from sale of assets	274,947	15,000
Expenditures for oil and gas properties	(1,466,178)	(3,372,117)
Expenditures for property and equipment	(35,614)	(1,439)
Net cash used by investing activities	(1,428,270)	(3,331,261)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on notes payable	(8,100)	(16,142)
Net cash used by financing activities	(8,100)	(16,142)
NET CHANGE IN CASH	(3,377,804)	(731,986)
CASH, BEGINNING OF PERIOD	7,885,652	1,037,941
CASH, END OF PERIOD	4,507,848	305,955
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Cash paid for interest	465	407,194
Cash paid for income taxes
Non-cash investing and financing activities:
Accrued expenditures for oil and gas properties		3,816,009
Reclass from accrued expenses to notes payable		725,000
Increase accounts receivable for sale of acreage		14,012,500
Increase in asset retirement obligation	5,471	3,788
Increase in accrued expense for sale of acreage		$ 245,219