Basis of Financial Statement Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Basis of Financial Statement Presentation and Significant Accounting Policies [Abstract]

Consolidated Balance Sheets

	June 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment			As Restated
Consolidated Balance Sheets
Warrant Derivative Liability	$	—		$	1,156,660		$	1,156,660
Total Long-Term Liabilities		47,463,037			1,156,660			48,619,697
Total Liabilities		50,768,194			1,156,660			51,924,854
Additional Paid-in Capital		42,316,502			(2,000,000	)		40,316,502
Accumulated deficit		(16,077,798	)		843,340			(15,234,458	)
Shareholders’ Equity		26,249,913			(1,156,660	)		25,093,253

Consolidated Statements of Operations

	Three Months Ended								Six Months Ended
	June 30, 2012								June 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment		As Restated			As Previously Reported			Adjustment		As Restated
Consolidated Statements of Operations
Gain on Derivatives	$	—		$	843,340	$	843,340		$	—		$	843,340	$	843,340
Total Other Income (Expenses)		(1,426,154	)		843,340		(582,814	)		(1,857,066	)		843,340		(1,013,726	)
Net earnings (loss)		(2,713,761	)		843,340		(1,870,421	)		(4,210,229	)		843.340		(3,366,889	)
Per share amounts:
Basic earnings (loss) per share	$	(0.21	)		0.07		(0.14	)	$	(0.32	)	$	0.06	$	(0.26	)
Diluted earnings (loss) per share		(0.21	)		0.07		(0.14	)		(0.32	)		0.06		(0.26	)

Consolidated Statements of Stockholders' Equity

	Six Months Ended
	June 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment			As Restated
Consolidated Statements of Stockholders’ Equity
Warrants issued – American Shale Development, Inc.	$	2,000,000		$	(2,000,000	)	$	—
Additional Paid in Capital		42.316,502			(2,000,000	)		40,316,502
Net loss		(4,210,229	)		843,340			(3,366,889	)
Accumulated deficit		(16,077,798	)		843,340			(15,234,458	)
Shareholders’ Equity		26,249,913			(1,156,660	)		25,093,253

Consolidated Statements of Cash Flows

	Six Months Ended
	June 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment			As Restated
Consolidated Statements of Cash Flows
Net loss	$	(4,210,229	)	$	843,340		$	(3,366,889	)
Adjustment to reconcile net loss to net cash (used) provided by operating activities:
Unrealized gain on derivatives		—			(843,340	)		843,340	)

Changes to asset retirement obligations

	2012		2011
Asset retirement obligations at beginning of period	$	256,651	$	219,478
Liabilities incurred during the period		—		5,683
Accretion expense		11,143		10,037
Asset retirement obligations at end of period	$	267,794	$	235,198