Consolidated Balance Sheets (USD $)	Sep. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 6,012,186	$ 7,885,652
Accounts receivable, trade	1,646,148	2,074,851
Accounts receivable, related parties	18,500	18,500
Advance royalties	171,452	114,099
Prepaid expenses	196,868	73,098
Drilling advances, net	2,485,046	1,754,020
Deferred financing costs, net of amortization of $236,203 and $712,500	570,245	237,500
Total Current Assets	11,100,445	12,157,720
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	63,929,790	48,335,664
Unproved properties	11,825,439	9,507,789
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(16,650,554)	(14,545,126)
Oil and gas properties, net	60,492,115	44,685,767
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $900,688 and $762,132, respectively	990,694	1,081,378
OTHER ASSETS
Deferred financing costs	904,286
Other assets	301,440	300,952
Total Other Assets	1,205,726	300,952
TOTAL ASSETS	73,788,980	58,225,817
CURRENT LIABILITIES
Accounts payable, trade	1,344,206	14,333,750
Accounts payable, related party	1,500	2,150
Accrued expenses	791,450	1,152,885
Revenue payable	362,543	451,825
Income tax payable	266,215	270,708
Notes payable - current	21,710	14,308,579
Total Current Liabilities	2,787,624	30,519,897
LONG-TERM LIABILITIES
Notes payable, net	47,440,246	5,612
Asset retirement obligations	300,577	256,651
Total Long-Term Liabilities	47,740,823	262,263
TOTAL LIABILITIES	50,528,447	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	42,833,872	39,300,194
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(19,584,548)	(11,867,569)
Total Stockholders' Equity	23,260,533	27,443,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 73,788,980	$ 58,225,817