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 6 Months Ended 12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Cash and Cash Equivalents [Abstract]          
Threshold amount of FDIC coverage $ 250,000   $ 250,000    
Accounts Receivable [Abstract]          
Provision for doubtful accounts     2,115,000   1,050,000
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 80,086 92,867 159,754 187,142  
Full Cost Method [Abstract]          
Capitalized Certain Payroll and Other Internal Costs 347,689 721,554 996,565 1,362,450  
Capitalized Interest Cost 1,141,381 1,543,618 2,338,791 2,928,776  
Total 1,489,070 2,265,172 3,335,356 4,291,226  
Minimum percentage of proved reserves sold to be considered a significant alteration (in hundredths)     25.00%    
Capitalized costs related to expired leases subject to depletion 4,900,000 4,100,000 12,200,000 8,000,000  
Discount rate (in hundredths)     10.00%    
Debt Issuance Costs [Abstract]          
Amortization of debt issuance costs 709,644 654,693 1,344,235 1,160,880  
Amortization of bond premium 371,681 216,814 743,363 216,814  
Income Taxes [Abstract]          
Valuation allowance 0   0   0
Net Income Per Common Share [Abstract]          
Weighted Average Common Shares Outstanding - Basic 60,504,781 62,973,916 60,852,322 62,915,941  
Stock Options and Restricted Stock 0 384,236 207,163 421,401  
Weighted Average Common Shares Outstanding - Diluted 60,504,781 63,358,152 61,059,485 63,337,342  
Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect 180,929 3,786 6,998 10,565  
Impairment [Abstract]          
Asset Impairment Charges     0 0  
Stock Options [Member]
         
Net Income Per Common Share [Abstract]          
Stock Options and Restricted Stock     141,872 251,963  
Senior Unsecured Notes [Member]
         
Debt Issuance Costs [Abstract]          
Capitalized costs in connection with debt $ 10,500,000   $ 10,500,000    
Rate of Senior notes (in hundredths) 8.00%   8.00%    
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