Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (4,210,229)	$ 10,745,932
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation, depletion, amortization and accretion	1,753,048	2,403,920
Amortization of financing cost and debt discount	497,911	237,500
Share-based compensation	1,016,485	416,764
Gain on sale of assets	(69,062)	(12,624,365)
Interest and legal expense added to principal	557,226
Loss on derivative contracts		110,904
Changes in operating assets and liabilities:
Accounts receivable, trade	(422,397)	(2,496,254)
Drilling advances	35,735	11,161
Prepaid expenses and other current assets	(171,589)	753,285
Other assets	(250,000)
Accounts payable and accrued expenses	(13,064,544)	5,091,823
Revenue payable	(303,338)	2,882,135
Accounts payable related party	(650)
Income tax payable		250,000
Net cash (used) provided by operating activities	(13,786,610)	7,782,805
CASH FLOWS FROM INVESTING ACTIVITIES:
Collections on note receivable		27,295
Proceeds from sale of assets	284,629	13,782,281
Expenditures for oil and gas properties	(14,249,455)	(12,009,262)
Expenditures for property and equipment	(90,663)	(27,322)
Net cash (used) provided used for investing activities	(14,055,489)	1,772,992
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuances of warrants - American Shale Development, Inc.	2,000,000
Issuances of common stock		49,000
Financing costs paid	1,407,071
Proceeds from notes payable	46,993,306
Payments on notes payable	(14,863,440)	(5,031,499)
Net cash provided (used) by financing activities	32,722,795	(4,982,499)
NET CHANGE IN CASH:	4,880,696	4,573,298
CASH, BEGINNING OF PERIOD	7,885,652	1,037,941
CASH, END OF PERIOD	12,766,348	5,611,239
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Cash paid for interest	807,951	430,117
Cash paid for income taxes
Non-cash investing and financing activities:
Accrued expenditures for oil and gas properties	439,664	273,113
Reclass from accrued expenses to notes payable		725,000
Increase in asset retirement obligation		5,683
Accrued expenditures for debt refinancing		$ 920,000