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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flows From Operating Activities:  
Net loss$ (1,741,263)$ (722,208)
(Income) loss from discontinued operations3,686(4,240)
Income (Loss) from continuing operations(1,737,577)(726,448)
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation and amortization46,174103,729
Depletion and impairment - oil and gas60,4600
Accretion of asset retirement obligation1,5700
Amortization of debt discount317,257348
Amortization of deferred financing costs205,0860
Option and warrant expense216,6757,328
Gain on disposition of equipment(2,585)(3,667)
Changes in operating assets and liabilities:  
Accounts receivable81,19842,655
Prepaid expenses and other current assets60,93852,931
Accounts payable75,984(16,487)
Accrued expenses237,910102,977
Accrued expenses - related party76,37867,200
Deferred revenue0205
Net Cash Used In Continuing Operating Activities(360,532)(369,229)
Net Cash Provided By (Used In) Discontinued Operating Activities(3,686)1,405,314
Net Cash Used In Operating Activities(364,218)1,036,085
Cash Flows From Investing Activities:  
Proceeds from sale of fixed assets15,10045,000
Cash paid for oil and gas properties(1,890,489)(600,000)
Net Cash Used In Investing Activities(1,875,389)(555,000)
Cash Flows From Financing Activities:  
Proceeds from settlement1,440,0000
Payments on short term debt(1,563,546)(65,487)
Borrowings on short-term debt2,153,0090
Borrowings on short-term debt - related party106,1500
Cash paid for deferred financing costs(138,190)0
Restricted cash(100,000)0
Proceeds from exercise of warrants7,5000
Net Cash Provided By (Used In) Financing Activities1,904,923(65,487)
Net change in cash(334,684)415,598
Cash at beginning of period373,470261,164
Cash at end of period38,786676,762
Cash paid for:  
Interest286,7142,725
Income taxes00
Non-Cash Transactions:  
Accrued additions to unproved oil and gas properties312,0000
Prepaid insurance financed with note payable65,37369,735
Common stock issued for accrued liabilities249,00014,800
Common stock issued for acquisition of oil and gas properties0300,000
Note payable issued for acquisition of oil and gas properties$ 0$ 281,098