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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | |
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Sep. 30, 2012
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Sep. 30, 2011
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Apr. 30, 2011
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Sep. 30, 2011
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Sep. 30, 2012
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| Oil and Gas Revenues | $ 374,739 | $ 162,527 | $ 96,956 | $ 175,004 | $ 1,045,264 |
| Oil and gas production costs | 216,908 | 51,632 | 71,656 | 60,181 | 592,163 |
| Oil and gas production taxes | 17,296 | 7,702 | 4,468 | 8,277 | 49,921 |
| Depreciation, depletion and amortization | 117,267 | 49,287 | 2,778 | 50,944 | 293,102 |
| Accretion expense | 4,763 | 1,675 | 3,732 | 2,456 | 14,287 |
| General and administrative expense | 671,438 | 123,866 | 6,000 | 146,722 | 1,825,937 |
| Total Costs and Operating Expenses | 1,027,672 | 234,162 | 88,634 | 268,580 | 2,775,410 |
| Gain on derivative put options | 53,224 | 29,420 | 0 | 34,880 | 146,632 |
| Non-refundable transaction fee | 0 | 200,000 | 0 | 200,000 | 0 |
| Interest income | 2,248 | 0 | 0 | 0 | 2,248 |
| Interest expense | (33,992) | (30,909) | 0 | (39,663) | (221,838) |
| Net Other Income (Expense) | 21,480 | 198,511 | 0 | 195,217 | (72,958) |
| Net Income (Loss) | $ (631,453) | $ 126,876 | $ 8,322 | $ 101,641 | $ (1,803,104) |
| Basic Earnings (Loss) per Share | $ (0.06) | $ 0.02 | $ 0 | $ 0.02 | $ (0.29) |
| Diluted Earnings (Loss) per Share | $ (0.06) | $ 0.02 | $ 0 | $ 0.02 | $ (0.29) |
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- Definition
The entire disclosure of notes payable. No definition available.
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- Definition
The entire disclosure of notes payable. 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
Amount of refund payments made to customers during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- Definition
The amount of gain recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- 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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- 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
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- 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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- Definition
The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations. No definition available.
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