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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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| Cash Flows From Operating Activities | ||
| Net income (loss) | $ (975,624)us-gaap_ProfitLoss | $ 1,163,689us-gaap_ProfitLoss |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation, depletion and amortization | 3,654,298us-gaap_DepreciationAmortizationAndAccretionNet | 1,530,196us-gaap_DepreciationAmortizationAndAccretionNet |
| Accretion expense | 66,979us-gaap_AccretionExpense | 24,382us-gaap_AccretionExpense |
| Share-based compensation | 654,688us-gaap_ShareBasedCompensation | 659,468us-gaap_ShareBasedCompensation |
| Deferred income taxes | (572,985)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes | 683,436us-gaap_IncreaseDecreaseInDeferredIncomeTaxes |
| Changes in assets and liabilities: | ||
| Accounts receivable | 445,438us-gaap_IncreaseDecreaseInAccountsReceivable | 1,007,275us-gaap_IncreaseDecreaseInAccountsReceivable |
| Prepaid expenses | 10,869us-gaap_IncreaseDecreaseInPrepaidExpense | 18,838us-gaap_IncreaseDecreaseInPrepaidExpense |
| Accounts payable | (9,332,248)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 2,438,191us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
| Net Cash Provided by (Used in) Operating Activities | (6,048,585)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | 7,525,475us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
| Cash Flows from Investing Activities | ||
| Payments to purchase oil and natural gas properties | (954,458)us-gaap_PaymentsToAcquireOilAndGasProperty | (8,121,630)us-gaap_PaymentsToAcquireOilAndGasProperty |
| Payments to develop oil and natural gas properties | (8,667,163)us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties | (13,858,512)us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties |
| Payments to purchase equipment and leasehold improvements | (164,404)us-gaap_PaymentsToAcquireMachineryAndEquipment | (123,851)us-gaap_PaymentsToAcquireMachineryAndEquipment |
| Net Cash Used in Investing Activities | (9,786,025)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (22,103,993)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
| Cash Flows From Financing Activities | ||
| Proceeds from option exercise | 62,500us-gaap_ProceedsFromStockOptionsExercised | 22,500us-gaap_ProceedsFromStockOptionsExercised |
| Payment of offering costs | 0us-gaap_PaymentsOfStockIssuanceCosts | (61,719)us-gaap_PaymentsOfStockIssuanceCosts |
| Proceeds from borrowings on credit facility | 10,000,000us-gaap_ProceedsFromNotesPayable | 0us-gaap_ProceedsFromNotesPayable |
| Net Cash Provided by (Used in) Financing Activities | 10,062,500us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | (39,219)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
| Net Decrease in Cash | (5,772,110)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (14,617,737)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
| Cash at Beginning of Period | 8,622,235us-gaap_CashAndCashEquivalentsAtCarryingValue | 52,350,583us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash at End of Period | 2,850,125us-gaap_CashAndCashEquivalentsAtCarryingValue | 37,732,846us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Noncash Investing and Financing Activities | ||
| Asset retirement obligation acquired | 0us-gaap_IncreaseDecreaseInAssetRetirementObligations | 294,772us-gaap_IncreaseDecreaseInAssetRetirementObligations |
| Asset retirement obligation incurred during development | $ 31,575us-gaap_AssetRetirementObligationPeriodIncreaseDecrease | $ 299,660us-gaap_AssetRetirementObligationPeriodIncreaseDecrease |
| X | ||||||||||
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- Definition
Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Net Increase or Decrease in the asset retirement obligation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The aggregate net amount of depreciation, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the carrying amount of asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for acquisition of machinery and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for exploration and development of oil and gas properties. It includes cash payments related to development of oil and gas wells drilled at previously untested geologic structures (to determine the presence of oil or gas) and wells drilled at sites where the presence of oil or gas has already been established (to extract the oil or gas). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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