Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (6,936,662)	$ 11,362,105
Adjustments to reconcile net (loss) income to net cash (used) provided by operating activities:
Depreciation, depletion, amortization and accretion	2,303,807	3,764,598
Amortization of deferred financing cost and debt discount	890,370	475,000
Share-based compensation	1,533,855	625,411
Gain on sale of assets	(112,898)	(12,627,896)
Interest and legal expense added to principal	557,226	786,167
(Gain)/loss on derivative contracts	(780,317)	131,648
Changes in operating assets and liabilities
Accounts receivable, trade	428,703	(782,162)
Drilling advances	(731,026)	82,964
Prepaid expenses and other current assets	(181,123)	(161,184)
Other assets	(250,487)
Accounts payable and accrued expenses	(13,326,103)	7,260,305
Advance non-operator		646,135
Revenue payable	(89,282)	22,553
Accounts payable related party	(650)
Income tax payable	(4,493)	222,662
Net cash (used) provided by operating activities	(16,699,080)	11,808,306
CASH FLOWS FROM INVESTING ACTIVITIES:
Collections on note receivable		27,295
Proceeds from sale of assets	328,466	13,785,812
Expenditures for oil and gas properties	(18,122,746)	(15,110,857)
Expenditures for property and equipment	(93,244)	(47,141)
Net cash used for investing activities	(17,887,524)	(1,344,891)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of warrant derivative liability	2,000,000
Issuances of common stock		49,000
Financing costs paid	(1,460,734)	(750,000)
Proceeds from notes payable	47,043,307
Payments on notes payable	(14,869,435)	(5,044,529)
Net cash provided (used) by financing activities	32,713,138	(5,745,529)
NET CHANGE IN CASH	(1,873,466)	4,717,886
CASH, BEGINNING OF PERIOD	7,885,652	1,037,941
CASH, END OF PERIOD	6,012,186	5,755,827
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Cash paid for interest	2,676,218	430,954
Non-cash investing and financing activities:
Accrued expenditures for oil and gas properties	1,211,010	1,347,801
Reclass from accrued expenses to notes payable		725,000
Increase in asset retirement obligation	27,000	7,766
Accrued expenditures for debt refinancing		$ 250,000