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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
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3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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| Revenues: | ||||
| Oil and Gas Revenues | $ 2,820,731 | $ 374,739 | $ 5,264,267 | $ 1,045,264 |
| Oil and gas production costs | 291,182 | 216,908 | 646,905 | 592,163 |
| Oil and gas production taxes | 130,944 | 17,296 | 243,620 | 49,921 |
| Depreciation, depletion and amortization | 917,116 | 117,267 | 1,657,386 | 293,102 |
| Accretion expense | 13,906 | 4,763 | 37,183 | 14,287 |
| General and administrative expense | 1,611,318 | 671,438 | 4,678,581 | 1,825,937 |
| Total Costs and Operating Expenses | 2,964,466 | 1,027,672 | 7,263,675 | 2,775,410 |
| Gain on derivative put options | 0 | 53,224 | 0 | 146,632 |
| Interest income | 12,242 | 2,248 | 12,242 | 2,248 |
| Interest expense | 0 | (33,992) | 0 | (221,838) |
| Net Other Expense | 12,242 | 21,480 | 12,242 | (72,958) |
| Net Loss | $ (131,493) | $ (631,453) | $ (1,987,166) | $ (1,803,104) |
| Basic Loss per Share | $ (0.01) | $ (0.06) | $ (0.13) | $ (0.29) |
| Diluted Loss per Share | $ (0.01) | $ (0.06) | $ (0.13) | $ (0.29) |
| X | ||||||||||
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- Definition
Increase in the fair value of the derivative or group of derivatives included in earnings in the period. 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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- Definition
The aggregate cost of goods produced and sold during the reporting period, excluding depreciation, depletion, and amortization. No definition available.
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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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- 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
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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- 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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| X | ||||||||||
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- Definition
The aggregate amount of other expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating expense recognized during the period. Such amounts may include: (a) unusual costs, (b) loss on foreign exchange transactions, (c) losses on securities (net of profits), and (d) miscellaneous other expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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