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, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 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     2,100,000   1,100,000
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 78,414 61,485 238,168 248,626  
Full Cost Method [Abstract]          
Capitalized Certain Payroll and Other Internal Costs 842,641 894,573 1,839,206 2,257,022  
Capitalized Interest Cost 1,137,655 1,597,129 3,476,446 4,525,906  
Total 1,980,296 2,491,702 5,315,652 6,782,928  
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 7,800,000 3,300,000 20,000,000 11,300,000  
Discount rate (in hundredths)     10.00%    
Debt Issuance Costs [Abstract]          
Amortization of debt issuance costs 709,644 706,602 2,053,879 1,867,482  
Rate of Senior notes (in hundredths) 8.00% 8.00% 8.00% 8.00% 8.00%
Amortization of bond premium 371,681 371,681 1,115,044 588,496  
Income Taxes [Abstract]          
Valuation allowance 0   0   0
Net Income Per Common Share [Abstract]          
Weighted Average Common Shares Outstanding - Basic (in shares) 60,559,827 62,426,341 60,753,752 62,750,952  
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock (in shares) 176,675 332,037 196,889 391,286  
Weighted Average Common Shares Outstanding - Diluted (in shares) 60,736,502 62,758,378 60,950,641 63,142,238  
Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect (in shares) 5,064 2,290 6,346 9,295  
Impairment [Abstract]          
Asset Impairment Charges     0 0  
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