Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Details)

v2.4.0.8
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Cash and Cash Equivalents [Abstract]          
Threshold amount of FDIC coverage $ 250,000   $ 250,000    
Accounts Receivable [Abstract]          
Provision for doubtful accounts     925,000   0
Advance to Operators [Abstract]          
Period for advance payments to be applied against joint interest billings     90 days    
Property, Plant and Equipment [Line Items]          
Depreciation expense 61,845 104,830 248,626 304,226  
Full Cost Method [Abstract]          
Capitalized Certain Payroll and Other Internal Costs 894,573 79,471 2,257,022 7,366,101  
Capitalized Interest Cost 1,597,129 1,811,088 4,525,906 4,426,429  
Total 2,491,702 1,890,559 6,782,928 11,792,530  
Minimum percentage of proved reserves sold to be considered a significant alteration (in hundredths)     25.00%    
Proceeds from sale of oil and gas properties     0 0  
Capitalized costs related to expired leases subject to depletion 3,300,000 500,000 11,300,000 3,100,000  
Discount rate (in hundredths)     10.00%    
Debt Issuance Costs [Abstract]          
Rate of Senior notes (in hundredths) 8.00%   8.00%    
Amortization of debt issuance costs 706,602 492,745 1,867,482 1,025,009  
Amortization of bond premium 371,681 0 588,496 0  
Income Taxes [Abstract]          
Valuation allowance 0   0   0
Net Income Per Common Share [Abstract]          
Weighted average number of common shares outstanding-basic (in shares) 62,426,341 62,589,256 62,750,952 62,410,110  
Stock options and restricted stock (in shares) 332,037 293,417 391,286 343,131  
Weighted average number of common shares outstanding-diluted (in shares) 62,758,378 62,882,673 63,142,238 62,753,241  
Restricted stock excluded from EPS due to the anti-dilutive effect (in shares) 2,290 34,702 9,295 23,099  
Impairment [Abstract]          
Asset Impairment Charges     0   0
Stock Options [Member]
         
Net Income Per Common Share [Abstract]          
Stock options and restricted stock (in shares)     251,963 251,963  
Revolving Credit Facility [Member]
         
Debt Issuance Costs [Abstract]          
Capitalized costs in connection with debt 5,900,000   5,900,000    
Senior Unsecured Notes [Member]
         
Debt Issuance Costs [Abstract]          
Capitalized costs in connection with debt 14,300,000   14,300,000    
Rate of Senior notes (in hundredths) 8.00%   8.00%    
Bond Premium on Senior Notes [Member]
         
Debt Issuance Costs [Abstract]          
Capitalized costs in connection with debt $ 10,500,000   $ 10,500,000    
Minimum [Member]
         
Property, Plant and Equipment [Line Items]          
Property and equipment, estimated useful lives     3 years    
Maximum [Member]
         
Property, Plant and Equipment [Line Items]          
Property and equipment, estimated useful lives     7 years