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

9 Months Ended

Sep. 30, 2012

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

Consolidated balance sheets

	September 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment			As Restated
Consolidated Balance Sheets
Warrant Derivative Liability	$	0		$	1,219,683		$	1,219,683
Total Long-Term Liabilities		47,740,823			1,219,683			48,960,506
Total Liabilities		50,528,447			1,219,683			51,748,130
Additional Paid-in Capital		42,833,872			(2,000,000	)		40,833,872
Accumulated Deficit		(19,584,548	)		780,317			(18,804,231	)
Shareholders’ Equity		23,260,533			(1,219,683	)		22,040,850

Consolidated statements of operations

	Three Months Ended									Nine Months Ended
	September 30, 2012									September 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment			As Restated			As Previously Reported			Adjustment		As Restated
Consolidated Statements of Operations
Gain (Loss) on Derivatives	$	0		$	(63,023	)	$	(63,023	)	$	639		$	780,317	$	780,956
Total Other Income (expenses)		(1,655,966	)		(63,023	)		(1,718,989	)		(3,513,033	)		780,317		(2,732,716	)
Net (Loss) Income Before Income Taxes		(3,564,762	)		(63,023	)		(3,627,785	)		(7,774,992	)		780,317		(6,994,675	)
Net (Loss) Income		(3,506,749	)		(63,023	)		(3,569,772	)		(7,716,979	)		780,317		(6,936,662	)
Per share amounts:
Basic Income (Loss) Per share	$	(0.27	)		—			(0.27	)	$	(0.59	)	$	0.06	$	(0.53	)
Diluted Income (Loss) Per share		(0.27	)		—			(0.27	)		(0.59	)		0.06		(0.53	)

Consolidated statements of stockholders' equity

	Nine Months Ended
	September 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	)	$	0
Additional Paid in Capital		42.833,872			(2,000,000	)		40,833,872
Net Loss		(7,716,979	)		780,317			(6,936,662	)
Accumulated Deficit		(19,584,548	)		780,317			(18,804,231	)
Shareholders’ Equity		23,260,533			(1,219,683	)		22,040,850

Consolidated statements of cash flows

	Nine Months Ended
	September 30, 2012
Unaudited Quarterly Information	As Previously Reported			Adjustment			As Restated
Consolidated Statements of Cash Flows
Net loss	$	(7,716,979	)	$	780,317		$	(6,936,662	)
Adjustment to reconcile net loss to net cash (used) provided by operating activities:
Unrealized gain on derivatives		0			(780,317	)		(780,317	)

Changes to asset retirement obligations

	2012		2011
Asset retirement obligations at beginning of period	$	256,651	$	219,478
Liabilities incurred during the period		27,000		7,766
Accretion expense		16,926		15,184
Asset retirement obligations at end of period	$	300,577	$	242,428