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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2014
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Jun. 30, 2013
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Jun. 30, 2014
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Jun. 30, 2013
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| Revenues: | ||||
| Oil and Gas Revenues | $ 11,204,238 | $ 1,291,579 | $ 17,174,690 | $ 2,443,536 |
| Costs and Operating Expenses | ||||
| Oil and gas production costs | 1,077,878 | 214,468 | 1,848,978 | 355,723 |
| Oil and gas production taxes | 517,052 | 59,459 | 793,013 | 112,676 |
| Depreciation, depletion and amortization | 3,477,816 | 396,662 | 5,008,012 | 740,270 |
| Accretion expense | 37,312 | 11,824 | 61,694 | 23,277 |
| General and administrative expense | 1,634,807 | 1,499,559 | 3,199,268 | 3,067,263 |
| Total Costs and Operating Expenses | 6,744,865 | 2,181,972 | 10,910,965 | 4,299,209 |
| Other Income | ||||
| Interest income | 19,576 | 0 | 62,349 | 0 |
| Net Other Income | 19,576 | 0 | 62,349 | 0 |
| Income (loss) before tax provision | 4,478,949 | (890,393) | 6,326,074 | (1,855,673) |
| Income tax provision | (1,657,211) | 0 | (2,340,647) | 0 |
| Net Income (Loss) | $ 2,821,738 | $ (890,393) | $ 3,985,427 | $ (1,855,673) |
| 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
Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. 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
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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 from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. 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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Details
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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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| X | ||||||||||
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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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