Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED

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CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues {1}        
Oil and Gas Revenues $ 1,291,579 $ 342,522 $ 2,443,536 $ 670,525
Costs and Operating Expenses        
Oil and gas production costs 214,468 218,074 355,723 375,255
Oil and gas production taxes 59,459 15,875 112,676 32,625
Depreciation, depletion and amortization 396,662 94,707 740,270 175,835
Accretion expense 11,824 4,762 23,277 9,524
General and administrative expense 1,499,559 497,190 3,067,263 1,154,499
Total Costs and Operating Expenses 2,181,972 830,608 4,299,209 1,747,738
Other Income (Expense)        
Gain on derivative put options 0 40,720 0 93,408
Interest expense 0 (94,011) 0 (187,846)
Net Other Expense 0 (53,291) 0 (94,438)
Net Loss $ (890,393) $ (541,377) $ (1,855,673) $ (1,171,651)
Basic Loss per Share $ (0.06) $ (0.15) $ (0.13) $ (0.33)
Diluted Loss per Share $ (0.06) $ (0.15) $ (0.13) $ (0.33)