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Operations
6 Months Ended
Jun. 30, 2013
Operations [Abstract]  
OPERATIONS

NOTE 2 — OPERATIONS

We have incurred cumulative operating losses through June 30, 2013, of $38,382,906. Although the prior year revenues were not sufficient to cover our operating costs and interest expense, we are focusing on drilling Marcellus Shale wells which based upon projections, are expected to increase our cash flow. In February 2013, we obtained additional financing in the amount of $25 million to be used for capital expenditures and operations. During the first quarter of 2013, we also increased our cash flow by selling our shallow wells. On January 24, 2013, we closed the sale of our interests in certain non-core assets for approximately $2,625,000 of net cash proceeds. The interests sold consisted of our working interest in all existing shallow wells, but we retained an overriding royalty interest of approximately 2.5% on most of the wells.