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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (48,863,061) $ 265,796
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depletion of oil and gas properties 7,346,356 5,994,180
Depreciation and amortization 12,286 24,327
Amortization of debt issuance costs 287,227 229,936
Accretion of discount on asset retirement obligations 23,900 15,486
Loss (gain) on the mark-to-market of derivatives 4,886,184 (1,052,639)
Accrued payment in kind interest applied to long term debt 962,550 787,344
Amortization of original issue discount on debt 127,378 102,566
Amortization of debt discounts, warrants 484,012 468,670
Common stock options issued to employees and directors 465,876 433,294
Deferred income taxes (6,593,040) 110,849
Impairment of oil and natural gas properties 52,634,000 0
Decrease (increase) in current assets:    
Accounts receivable 1,878,248 (1,233,582)
Prepaid expenses (7,720) (45,916)
Increase (decrease) in current liabilities:    
Accounts payable 153,024 223,779
Accrued expenses 7,772 61,423
Net cash provided by operating activities 13,804,992 6,385,513
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale or swap of oil and gas properties 127,348 1,360,920
Purchases of oil and gas properties and development capital expenditures (17,968,423) (17,410,744)
Advances to operators 0 (5,742,272)
Purchases of other property and equipment 0 (11,131)
Net cash used in investing activities (17,841,075) (21,803,227)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances from revolving credit facilities and long term debt 14,000,000 24,150,000
Repayments on revolving credit facilities (9,950,000) (9,600,000)
Debt issuance costs (50,000) (254,394)
Net cash provided by financing activities 4,000,000 14,295,606
NET CHANGE IN CASH (36,083) (1,122,108)
CASH AT BEGINNING OF PERIOD 94,682 1,150,347
CASH AT END OF PERIOD 58,599 28,239
SUPPLEMENTAL INFORMATION:    
Interest paid 3,292,793 2,411,463
Income taxes paid 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Net change in accounts payable for purchase of oil and gas properties (2,005,514) 3,821,375
Advances to operators applied to development of oil and gas properties 0 4,285,575
Capitalized asset retirement costs, net of revision in estimate $ 42,391 $ 61,815