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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table sets forth a reconciliation of the provision for income taxes to the statutory federal rate:

 

    Year Ended December 31,  
    2012     2011  
Statutory tax rate     34.0 %     34.0 %
Derivative instruments     (94.8 )%     7.8 %
Oil costs and long-lived assets     30.7 %     (0.3 )%
Non-deductible expenses     14.9 %     (5.1 )%
Change in valuation allowance     15.2 %     (36.4 )%
Effective tax rate     0.0 %     0.0 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of the deferred tax assets and liabilities are as follows:

 

    Year Ended December 31,  
    2012     2011  
Non-current deferred tax asset:                
Oil costs and long-lived assets   $ 698,339     $ 609,215  
Derivative instruments     612,139       927,333  
Net operating loss carry-forward     8,010,770       7,960,080  
Valuation allowance     (9,321,248 )     (9,496,628 )
    $ -     $ -