OPERATIONS	9 Months Ended
Sep. 30, 2013
Text Block [Abstract]
OPERATIONS	NOTE 2 — OPERATIONS We have incurred net losses for the three months and nine months ended September 30, 2013, of $(6,095,788) and $(11,407,519), respectively. Although our current and prior year-to-date 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. 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. In February 2013, we obtained additional financing in the amount of $25 million to be used for capital expenditures and operations. On September 30, 2013 we entered into a Purchase and Sale Agreement (“PSA”) to sell approximately 4,900 lease acres (approximately 1,163 net acres of which were owned by us) and leasehold working interests in certain partially completed well sites located in Tyler County for approximately $7,700 per acre. The Company will receive approximately $11.2 million, of which $10.7 million is payable in cash, subject to customary adjustments as described in the PSA. The sale of the assets pursuant to the PSA is scheduled to close on or about December 13, 2013 and is to be effective as of September 1, 2013. The assets held for sale related to the PSA include leasehold costs and prepaid drilling costs an is disclosed as other assets in the Condensed Consolidated Balance Sheet. The foregoing descriptions of the PSA and the consideration payable hereunder do not purport to be complete are qualified in their entirety by reference to the complete text of the PSA, a copy of which is attached as Exhibit 99.1 to this Form 10-Q. Assets/Liabilities held for sale The assets held for sale at September 30, 2013, relates to the PSA and includes leasehold costs and prepaid drilling costs in Tyler county. At December 31, 2012 the assets held for sale consists of $1,840,722 related to the assets sold under the PSA and $3,013,000 related to the sale of shallow wells in January 2013. Assets held for sale are reported as other assets in the Condensed Consolidated Balance Sheet. Liabilities held for sale at December 31, 2012, $388,005 relates to the sale of the shallow wells and consists of the Asset Retirement Obligation and settlement expenses. Liabilities held for sale are reported as long-term liabilities in the Condensed Consolidated Balance Sheet

NOTE 2 — OPERATIONS

We have incurred net losses for the three months and nine months ended September 30, 2013, of $(6,095,788) and $(11,407,519), respectively. Although our current and prior year-to-date 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. 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. In February 2013, we obtained additional financing in the amount of $25 million to be used for capital expenditures and operations.

On September 30, 2013 we entered into a Purchase and Sale Agreement (“PSA”) to sell approximately 4,900 lease acres (approximately 1,163 net acres of which were owned by us) and leasehold working interests in certain partially completed well sites located in Tyler County for approximately $7,700 per acre. The Company will receive approximately $11.2 million, of which $10.7 million is payable in cash, subject to customary adjustments as described in the PSA. The sale of the assets pursuant to the PSA is scheduled to close on or about December 13, 2013 and is to be effective as of September 1, 2013. The assets held for sale related to the PSA include leasehold costs and prepaid drilling costs an is disclosed as other assets in the Condensed Consolidated Balance Sheet. The foregoing descriptions of the PSA and the consideration payable hereunder do not purport to be complete are qualified in their entirety by reference to the complete text of the PSA, a copy of which is attached as Exhibit 99.1 to this Form 10-Q.

Assets/Liabilities held for sale

The assets held for sale at September 30, 2013, relates to the PSA and includes leasehold costs and prepaid drilling costs in Tyler county. At December 31, 2012 the assets held for sale consists of $1,840,722 related to the assets sold under the PSA and $3,013,000 related to the sale of shallow wells in January 2013. Assets held for sale are reported as other assets in the Condensed Consolidated Balance Sheet. Liabilities held for sale at December 31, 2012, $388,005 relates to the sale of the shallow wells and consists of the Asset Retirement Obligation and settlement expenses. Liabilities held for sale are reported as long-term liabilities in the Condensed Consolidated Balance Sheet