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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||
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Jun. 30, 2014
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Jun. 30, 2013
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May 01, 2011
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Jun. 30, 2014
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Jun. 30, 2013
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Dec. 31, 2011
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Dec. 31, 2013
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Dec. 31, 2012
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| Revenues: | ||||||||
| Oil and Gas Revenues | $ 11,204,238 | $ 1,291,579 | $ 96,956 | $ 17,174,690 | $ 2,443,536 | $ 388,674 | $ 10,315,701 | $ 1,757,444 |
| Costs and Operating Expenses | ||||||||
| Oil and gas production costs | 1,077,878 | 214,468 | 71,656 | 1,848,978 | 355,723 | 173,310 | 1,207,529 | 785,959 |
| Oil and gas production taxes | 517,052 | 59,459 | 4,468 | 793,013 | 112,676 | 18,428 | 476,964 | 82,995 |
| Depreciation, depletion and amortization | 3,477,816 | 396,662 | 2,778 | 5,008,012 | 740,270 | 89,376 | 2,284,091 | 506,786 |
| Accretion expense. | 37,312 | 11,824 | 3,732 | 61,694 | 23,277 | 5,547 | 53,681 | 20,906 |
| General and administrative expense | 1,634,807 | 1,499,559 | 6,000 | 3,199,268 | 3,067,263 | 428,575 | 6,682,760 | 2,392,645 |
| Total Costs and Operating Expenses | 6,744,865 | 2,181,972 | 88,634 | 10,910,965 | 4,299,209 | 715,236 | 10,705,025 | 3,789,291 |
| Income (Loss) from Operations | 8,322 | (326,562) | (2,031,847) | |||||
| Other Income | ||||||||
| Gain on derivative put options | 73,964 | 276,736 | ||||||
| Gain on change in value of Ring Energy, Inc. common stock | 160,000 | |||||||
| Non-refundable transaction fee | 250,000 | |||||||
| Interest income | 19,576 | 62,349 | 24,706 | 4,309 | ||||
| Interest expense | (94,219) | (9,890) | (218,805) | |||||
| Net Other Income | 19,576 | 62,349 | 389,727 | 14,816 | 62,240 | |||
| Income (loss) before tax provision | 4,478,949 | (890,393) | 8,322 | 6,326,074 | (1,855,673) | 63,165 | (374,508) | (1,969,607) |
| Income tax provision | (1,657,211) | (2,340,647) | (77,701) | 300,324 | ||||
| Net Income (Loss) | $ 2,821,738 | $ (890,393) | $ 8,322 | $ 3,985,427 | $ (1,855,673) | $ 63,165 | $ (452,209) | $ (1,669,283) |
| Basic and Diluted Earnings (Loss) per Share | $ 0.00 | $ 0.01 | $ (0.03) | $ (0.21) | ||||
| Basic Earnings (Loss) per Share | $ 0.12 | $ (0.06) | $ 0.17 | $ (0.13) | ||||
| Diluted Earnings (Loss) per Share | $ 0.11 | $ (0.06) | $ 0.16 | $ (0.13) | ||||
| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
Gain on change in value of Ring Energy, Inc. common stock No definition available.
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. No definition available.
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- Definition
Non-refundable transaction fee No definition available.
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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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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred to operate and maintain an entities' wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue during the period related to oil and gas business activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
A tax assessed on oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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