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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 58,599 $ 94,682
Derivative instruments, current 2,693,561 3,571,803
Accounts receivable 3,861,923 5,740,171
Prepaid expenses 49,107 41,387
Total current assets 6,663,190 9,448,043
Oil and natural gas properties, full cost method of accounting:    
Proved properties 128,083,460 112,418,105
Unproved properties 803,718 591,121
Other property and equipment 139,004 139,004
Total property and equipment 129,026,182 113,148,230
Less, accumulated depreciation, amortization, depletion and allowance for impairment (78,895,166) (18,902,524)
Total property and equipment, net 50,131,016 94,245,706
Derivative instruments, long-term 0 4,007,942
Debt issuance costs, net 463,792 701,019
Total assets 57,257,998 108,402,710
Current liabilities:    
Accounts payable 8,438,772 10,291,262
Accrued expenses 65,207 57,435
Total current liabilities 8,503,979 10,348,697
Asset retirement obligations 353,095 286,804
Revolving credit facilities and long term debt, net of discounts of $1,461,093 and $2,072,483, respectively 57,458,543 51,834,603
Deferred tax liability 0 6,593,040
Total liabilities $ 66,315,617 $ 69,063,144
Commitments and contingencies (See note 15)
Stockholders' equity:    
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding $ 0 $ 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 47,979,990 shares issued and outstanding 47,980 47,980
Additional paid-in capital 34,117,590 33,651,714
Retained earnings (accumulated deficit) (43,223,189) 5,639,872
Total stockholders' equity (9,057,619) 39,339,566
Total liabilities and stockholders' equity $ 57,257,998 $ 108,402,710