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Supplemental Oil Reserve Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2012
Supplemental Oil Reserve Information [Abstract]  
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]
Income tax expense was determined by applying the statutory rates to pretax operating results.

  

    Year Ended
December 31,
2012		     Year Ended
December 31,
2011		  
Production revenues   $ 8,496,519     $ 6,285,411  
Production costs     (3,102,321 )     (3,440,228 )
Depletion and depreciation     (1,541,069 )     (1,128,712 )
Income tax     (1,305,513 )     (583,600 )
Results of operations for producing activities   $ 2,547,616     $ 1,132,871
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]

The following table summarizes the Company’s capitalized costs of oil properties.

 

    Year Ended
December 31,
2012		     Year Ended
December 31,
2011		  
Unevaluated properties not subject to amortization   $ 7,830,828     $ 7,922,734  
Properties subject to amortization     30,466,951       21,602,640  
Capitalized costs     38,297,779       29,525,374  
Accumulated depletion     (5,094,881 )     (3,764,874 )
Net capitalized costs   $ 33,202,898     $ 25,760,500
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]

Cost incurred in property acquisition, exploration and development activities

 

    Year Ended
December 31,
2012		     Year Ended
December 31,
2011		  
Acquisition of properties   $ -     $ 1,422,590  
Exploration costs     -       -  
Development costs     10,247,539       4,926,105  
Net capitalized costs   $ 10,247,539     $ 6,348,695
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block]
presented in connection with financial statement disclosures. 

 

 

    Year Ended
December 31, 2012		     Year Ended
December 31, 2011		  
    Oil-stb     Oil-stb  
Proved reserves:                
Beginning     2,714,150       2,320,150  
Revisions of previous estimates     (193,059 )     (130,908 )
Purchase of minerals in place     -       700,190  
Extension and discoveries     502,751       316,049  
Sale of minerals in place     -       (221,365 )
Sales of Rantoul Partners interest         (198,187 )
Production     (96,842 )     (71,729 )
Ending     2,927,000       2,714,200
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block]

The standardized measure of discounted future net cash flows from our proved reserves for the periods presented in the financial statements is summarized below.

 

    Year Ended
December 31, 2012		     Year Ended
December 31, 2011		  
Future production revenue   $ 246,535,000     $ 242,383,840  
Future production costs     (69,131,000 )     (93,373,850 )
Future development costs     (11,766,000 )     (12,767,540 )
Future cash flows before income tax     165,638,000       136,242,450  
Future income taxes     (33,550,000 )     (22,864,737 )
Future net cash flows     132,088,000       113,377,713  
10% annual discount for estimating of future cash flows     (83,215,000 )     (69,730,808 )
Standardized measure of discounted net cash flows   $ 48,873,000     $ 43,646,905
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]
The impact of changes to reflect current prices and costs of reserves proved in prior years could also be significant.

 

    Year Ended
December 31, 2012		     Year Ended
December 31, 2011		  
Balance beginning of year   $ 43,646,905     $ 25,304,892  
Sales, net of production costs     (5,394,198 )     (2,869,339 )
Net change in pricing and production costs     2,870,156       11,287,884  
Net change in future estimated development costs     (1,001,445 )     (702,640 )
Purchase of minerals in place     -       16,834,878  
Extensions and discoveries     11,274,543       7,598,861  
Sale of minerals in place     -       (5,322,346 )
Sale of Rantoul Partners interest     -       (4,765,069 )
Revisions     (4,329,483 )     (3,147,460 )
Accretion of discount     5,324,900       3,119,577  
Change in income tax     (3,518,817 )     (3,692,333 )
Balance end of year   $ 48,872,560     $ 43,646,905