Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies [Abstract]

Changes to asset retirement obligations

	2012		2011
Asset retirement obligations at beginning of period		256,651	$	219,478
Liabilities incurred during the period		3,849		16,229
Accretion expense		47,004		20,944
Liability revisions		108,818		—
Asset retirement obligations at end of period		416,322	$	256,651

Dilutive options, issued during period or expire, or cancelled during the period reflected in computations

	For the Years Ended December 31,
	2012			2011
Numerator:
Net (loss) income applicable to common shareholders	$	(21,203,604	)	$	8,926,676
Denominator:
Weighted average shares—basic		13,074,208			12,807,964
Weighted average shares—diluted		13,074,208			13,552,221
Total earnings per share—basic	$	(1.62	)	$	0.70
Total earnings per share—diluted	$	(1.62	)	$	0.66

Summarizes of fair value measurement information

	As of December 31, 2012
					Fair Value Measurements Using:
	Carrying Amount		Total Fair Value		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative Assets	$	—	$	—	$	—	$	—	$	—
Derivative Liability	$	2,808,278	$	2,808,278	$	—	$	—	$	2,808,278

Derivative Fair Value (Loss) Income

Summary of changes in the fair value of the Company Level 3 liabilities

	As of December 31, 2012
Beginning balance	$	—
Sale of puttable warrant		2,000,000
Change in fair value		808,278
Ending balance	$	2,808,278