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Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 990,991 $ 767,494
Restricted cash 228,840 0
Accounts receivable 2,237,819 1,221,962
Inventory 443,070 0
Marketable securities 1,018,573 1,018,573
Deposits and prepaid expenses 818,466 528,468
Total current assets 5,737,759 3,536,497
Non-current assets:    
Fixed assets, net of accumulated depreciation 2,412,446 309,877
Oil properties using full-cost accounting, net of accumulated DD&A 59,295,171 33,202,898
Other non-current assets 817,506 0
Total non-current assets 62,525,123 33,512,775
Total assets 68,262,882 37,049,272
Current liabilities:    
Accounts payable 2,867,478 2,384,090
Accrued liabilities 2,768,750 590,205
Derivative liability 1,335,041 757,181
Note Payable 225,000 825,000
Total current liabilities 7,196,269 4,556,476
Asset retirement obligation 2,626,043 1,336,151
Long-term debt 29,556,351 8,500,000
Derivative liability 533,002 1,043,114
Total non-current liabilities 32,715,396 10,879,265
Total liabilities 39,911,665 15,435,741
Commitments & Contingencies      
Stockholders' Equity:    
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 4,779,460 shares issued and outstanding 4,780 4,780
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 115,005,443 at September 30, 2013 and 73,586,529 at December 31, 2012 115,005 73,587
Treasury Stock, 5,750,000 shares (2,551,000) (2,551,000)
Paid-in capital 52,514,870 45,352,096
Accumulated other comprehensive income (552,589) (552,589)
Retained (deficit) (21,179,849) (20,713,343)
Total stockholders' equity. 28,351,217 21,613,531
Total liabilities and stockholders' equity $ 68,262,882 $ 37,049,272