|
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Current Assets | ||
| Cash | $ 2,850,125us-gaap_Cash | $ 8,622,235us-gaap_Cash |
| Accounts receivable | 2,853,940us-gaap_AccountsReceivableNetCurrent | 3,616,676us-gaap_AccountsReceivableNetCurrent |
| Joint interest billing receivable | 3,001,085us-gaap_OilAndGasJointInterestBillingReceivablesCurrent | 2,683,787us-gaap_OilAndGasJointInterestBillingReceivablesCurrent |
| Prepaid expenses and retainers | 149,731us-gaap_PrepaidExpenseCurrent | 160,600us-gaap_PrepaidExpenseCurrent |
| Total Current Assets | 8,854,881us-gaap_AssetsCurrent | 15,083,298us-gaap_AssetsCurrent |
| Properties and Equipment | ||
| Oil and natural gas properties subject to amortization | 175,689,596us-gaap_OilAndGasPropertyFullCostMethodGross | 166,036,400us-gaap_OilAndGasPropertyFullCostMethodGross |
| Office equipment and automobiles | 1,374,213us-gaap_PropertyPlantAndEquipmentOther | 1,209,809us-gaap_PropertyPlantAndEquipmentOther |
| Total Properties and Equipment | 177,063,809us-gaap_PropertyPlantAndEquipmentGross | 167,246,209us-gaap_PropertyPlantAndEquipmentGross |
| Accumulated depreciation, depletion and amortization | (18,342,345)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment | (14,688,047)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
| Net Properties and Equipment | 158,721,464us-gaap_PropertyPlantAndEquipmentNet | 152,558,162us-gaap_PropertyPlantAndEquipmentNet |
| Total Assets | 167,576,345us-gaap_Assets | 167,641,460us-gaap_Assets |
| Current Liabilities | ||
| Accounts payable | 6,930,803us-gaap_AccountsPayableCurrent | 16,241,022us-gaap_AccountsPayableCurrent |
| Other accrued liabilities | 0us-gaap_OtherAccruedLiabilitiesCurrent | 22,029us-gaap_OtherAccruedLiabilitiesCurrent |
| Total Current Liabilities | 6,930,803us-gaap_LiabilitiesCurrent | 16,263,051us-gaap_LiabilitiesCurrent |
| Deferred income taxes | 4,366,405us-gaap_DeferredTaxLiabilitiesNoncurrent | 4,939,390us-gaap_DeferredTaxLiabilitiesNoncurrent |
| Long term debt | 10,000,000us-gaap_LongTermDebt | 0us-gaap_LongTermDebt |
| Asset retirement obligations | 3,995,043us-gaap_AssetRetirementObligation | 3,896,489us-gaap_AssetRetirementObligation |
| Total Liabilities | 25,292,251us-gaap_Liabilities | 25,098,930us-gaap_Liabilities |
| Stockholders' Equity | ||
| Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding | 0us-gaap_PreferredStockValue | 0us-gaap_PreferredStockValue |
| Common stock - $0.001 par value; 150,000,000 shares authorized; 25,767,582 shares and 25,734,467 shares outstanding, respectively | 25,767us-gaap_CommonStockValue | 25,734us-gaap_CommonStockValue |
| Additional paid-in capital | 141,249,478us-gaap_AdditionalPaidInCapital | 140,532,323us-gaap_AdditionalPaidInCapital |
| Retained earnings | 1,008,849us-gaap_RetainedEarningsAccumulatedDeficit | 1,984,473us-gaap_RetainedEarningsAccumulatedDeficit |
| Total Stockholders' Equity | 142,284,094us-gaap_StockholdersEquity | 142,542,530us-gaap_StockholdersEquity |
| Total Liabilities and Stockholders' Equity | $ 167,576,345us-gaap_LiabilitiesAndStockholdersEquity | $ 167,641,460us-gaap_LiabilitiesAndStockholdersEquity |
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Current portion of accounts receivable attributable to joint interest partners in oil and gas properties. These are billings to the non-operators associated with the operation of wells and are based on those owners' working interests in the wells. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Oil and gas properties, gross, carried under the full cost method. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation, depletion and amortization of other physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|