Consolidated Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 12,766,348	$ 7,885,652
Accounts receivable, trade	1,652,454	2,074,851
Accounts receivable, related parties	18,500	18,500
Advance Royalties	171,452	114,099
Prepaid Expenses	187,334	73,098
Net drilling advances	1,718,285	1,754,020
Deferred financing costs, net of amortization of $93,744 and $712,500	569,409	237,500
Total Current Assets	17,083,782	12,157,720
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $841,549 and $762,132, respectively	1,047,253	1,081,378
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	61,403,291	48,335,664
Unproved properties	10,916,188	9,507,789
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(16,164,717)	(14,545,126)
Oil and gas properties, net	57,542,202	44,685,767
OTHER ASSETS
Financing costs	1,043,918
Other assets	300,952	300,952
Total Other Assets	1,344,870	300,952
TOTAL ASSETS	77,018,107	58,225,817
CURRENT LIABILITIES
Accounts payable, trade	1,483,197	14,333,750
Accounts and notes payable, related party	1,500	2,150
Accrued expenses	1,378,558	1,152,885
Revenue payable	148,487	451,825
Income tax payable	270,708	270,708
Notes payable - current	22,707	14,308,579
Total Current Liabilities	3,305,157	30,519,897
LONG-TERM LIABILITIES
Notes payable, net	47,195,243	5,612
Asset retirement obligations	267,794	256,651
Total Long-Term Liabilities	47,463,037	262,263
Total Liabilities	50,768,194	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; 13,158,578 and 12,981,828 shares issued, respectively, and 13,156,578 and 12,979,828 shares outstanding, respectively	13,159	12,982
Additional paid-in capital	42,316,502	39,300,194
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(16,077,798)	(11,867,569)
Total Stockholders' Equity	26,249,913	27,443,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 77,018,107	$ 58,225,817