Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
CURRENT ASSETS
Cash	$ 17,998,539	$ 1,009,084
Accounts receivable, trade	3,901,558	3,143,766
Accounts receivable, related parties	18,500	18,500
Derivative assets	570,876
Advance royalties	134,967	221,452
Prepaid expenses	447,300	407,596
Deferred financing costs, net of amortization of $734,473 and $402,525, respectively	676,188	603,788
Total current assets	23,747,928	5,404,186
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	57,456,081	47,730,848
Unproved properties	14,973,372	12,008,550
Pipelines	1,387,440	1,387,440
Accumulated depreciation, depletion and amortization	(10,141,192)	(8,809,022)
Oil and gas properties, net	63,675,701	52,317,816
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $283,876 and $239,277, respectively	627,866	665,874
OTHER ASSETS
Assets held for sale		3,013,000
Deferred financing costs	453,545	735,662
Other assets	302,898	301,923
Derivative assets	88,480
Total other assets	844,923	4,050,585
TOTAL ASSETS	88,896,418	62,438,461
CURRENT LIABILITIES
Accounts payable, trade	114,846	187,089
Accounts payable due to drilling operator	5,618,771	839,456
Accounts payable, related party	1,500	1,500
Accrued expenses	2,574,689	1,642,718
Revenue payable	161,116	225,674
Notes payable - current	15,958	19,825
Total current liabilities	8,486,880	2,916,262
LONG-TERM LIABILITIES
Notes payable, net	74,752,911	48,225,848
Asset retirement obligations	30,157	28,317
Liabilities held for sale		388,005
Warrant derivative liability	2,216,839	2,808,278
Total long-term liabilities	76,999,907	51,450,448
Total liabilities	85,486,787	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; 13,319,978 and 13,238,228 shares issued, respectively, and 13,317,978 and 13,236,228 shares outstanding, respectively	13,320	13,238
Additional paid-in capital	41,781,167	41,131,636
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(38,382,906)	(33,071,173)
Total stockholders' equity	3,409,631	8,071,751
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 88,896,418	$ 62,438,461