Consolidated Balance Sheets (USD $)	Mar. 31, 2013	Dec. 31, 2012
CURRENT ASSETS
Cash	$ 26,004,155	$ 1,009,084
Accounts receivable, trade	2,292,348	3,143,766
Accounts receivable, related parties	18,500	18,500
Advance Royalties	221,452	221,452
Prepaid Expenses	827,778	407,596
Deferred financing costs, net of amortization of $565,426 and $402,525	669,998	603,788
Total Current Assets	30,034,231	5,404,186
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	48,574,629	47,730,848
Unproved properties	12,961,909	12,008,550
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(9,425,389)	(8,809,022)
Oil and gas properties, net	53,498,589	52,317,816
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $261,438 and $239,277, respectively	649,594	665,874
OTHER ASSETS
Assets held for sale		3,013,000
Deferred financing costs	616,917	735,662
Other assets	302,404	301,923
Total Other Assets	919,321	4,050,585
TOTAL ASSETS	85,101,735	62,438,461
CURRENT LIABILITIES
Accounts payable, trade	138,004	187,089
Accounts payable due to drilling operator	1,002,134	839,456
Accounts payable, related party	1,500	1,500
Accrued expenses	1,767,157	1,642,718
Revenue payable	285,617	225,674
Notes payable - current	17,908	19,825
Total Current Liabilities	3,212,320	2,916,262
LONG-TERM LIABILITIES
Notes payable, net	73,486,900	48,225,848
Asset retirement obligations	29,237	28,317
Liabilities held for sale		388,005
Warrant derivative liability	2,684,601	2,808,278
Total Long-Term Liabilities	76,200,738	51,450,448
Total Liabilities	79,413,058	54,366,710
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 13,238,228 shares issued, respectively and 13,236,228 and 13,236,228 shares outstanding, respectively	13,238	13,238
Additional paid-in capital	41,441,698	41,131,636
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(35,764,309)	(33,071,173)
Total Stockholders' Equity	5,688,677	8,071,751
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 85,101,735	$ 62,438,461