Consolidated Balance Sheets (USD $)	Dec. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 1,009,084	$ 7,885,652
Accounts receivable, trade	3,143,766	2,074,851
Accounts receivable, related parties	18,500	18,500
Advance royalties	221,452	114,099
Prepaid expenses	407,596	73,098
Accounts receivable due from non-operator, net		1,754,020
Deferred financing costs, net of amortization of $402,525 and $712,500	603,788	237,500
Total Current Assets	5,404,186	12,157,720
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	47,730,848	28,114,329
Unproved properties	12,008,550	7,752,858
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(8,809,022)	(4,537,522)
Oil and gas properties, net	52,317,816	32,717,105
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $239,277 and $201,214, respectively	665,874	656,064
OTHER ASSETS
Assets held for sale	3,013,000	12,393,976
Deferred financing costs	735,662
Other assets	301,923	300,952
Total Other Assets	4,050,585	12,694,928
TOTAL ASSETS	62,438,461	58,225,817
CURRENT LIABILITIES
Accounts payable, trade	187,089	14,333,750
Accounts payable due to drilling operator	839,456
Accounts payable, related party	1,500	2,150
Accrued expenses	1,642,718	1,152,885
Revenue Payable	225,674	451,825
Taxes Payable		270,708
Notes payable - current	19,825	14,308,579
Total Current Liabilities	2,916,262	30,519,897
LONG-TERM LIABILITIES
Notes payable, net	48,225,848	5,612
Asset retirement obligations	28,317	31,568
Liabilities held for sale	388,005	225,083
Warrant derivative liability	2,808,278
Total Long-Term Liabilities	51,450,448	262,263
Total Liabilities	54,366,710	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; 13,238,228 and 12,981,828 shares issued, and 13,236,228 and 12,979,828 shares outstanding, respectively	13,238	12,982
Additional paid-in capital	41,131,636	39,300,194
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(33,071,173)	(11,867,569)
Total Stockholders' Equity	8,071,751	27,443,657
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 62,438,461	$ 58,225,817