Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 234,624	$ 1,585,530
Restricted cash	470,373
Accounts receivable, trade	1,711,926	4,248,152
Accounts receivable, related parties	18,500	18,500
Derivative assets	3,417,887	5,420,309
Advance royalties	337,133	68,133
Prepaid expenses	642,740	767,233
Deferred financing costs, net of amortization of $2,692,690 and $599,971	3,550,184	1,051,671
Total current assets	10,383,367	13,159,528
OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING
Proved properties	84,956,392	88,194,425
Unproved properties	6,829,029	5,728,196
Pipelines	4,435,421	1,259,052
Accumulated depreciation, depletion and amortization	(26,442,766)	(17,731,699)
Oil and gas properties, net	69,778,076	77,449,974
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $404,669 and $364,710, respectively	426,601	504,526
OTHER ASSETS
Assets held for sale	13,460,614	14,301,375
Derivative assets	2,423,508	2,809,847
Deferred financing costs		3,155,014
Other assets	390,925	388,881
Total other assets	16,275,047	20,655,117
TOTAL ASSETS	96,863,091	111,769,145
CURRENT LIABILITIES
Accounts payable, trade	1,321,852	531,761
Accounts payable due to drilling operator	548,086	5,777,983
Accounts payable, related party	1,500	1,500
Accrued expenses	1,954,257	7,429,874
Environmental settlement and related costs	2,000,000	3,600,000
Revenue payable	8,578	25,019
Commodity derivative liability	474,696
Notes payable, current	121,062,671	4,402
Total current liabilities	127,371,640	17,370,539
LONG-TERM LIABILITIES
Notes payable, net	2,134,018	109,539,647
Asset retirement obligations	39,669	90,928
Environmental settlement and related costs	3,000,000	3,000,000
Commodity derivative liability	1,253,024	716,488
Deferred revenue	62,510	62,510
Total long-term liabilities	6,489,221	113,409,573
Total liabilities	133,860,861	130,780,112
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; 15,263,977 and 14,578,467 shares issued, and 15,261,977 and 14,576,467 shares outstanding, respectively	15,264	14,578
Additional paid-in capital	45,965,168	44,323,190
Treasury stock, at cost, 2,000 shares	(1,950)	(1,950)
Accumulated deficit	(82,976,252)	(63,346,785)
Total stockholders' equity (deficit)	(36,997,770)	(19,010,967)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 96,863,091	$ 111,769,145