Subsequent Events	9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract]
Schedule of Subsequent Events [Text Block]	9. SUBSEQUENT EVENTS: FASB ASC Topic 855, Subsequent Events (“FASB ASC 855”), sets forth principles and requirements to be applied to the accounting for and disclosure of subsequent events. FASB ASC 855 sets forth the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which events or transactions occurring after the balance sheet date shall be recognized in the financial statements and the required disclosures about events or transactions that occurred after the balance sheet date. The Company has evaluated the period subsequent to September 30, 2011 for events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events other than those discussed below arose that should be disclosed in order to keep the financial statements from being misleading. On October 6, 2011, in anticipation of the upcoming maturity of the Company's (through its subsidiary, Ultra Resources) senior unsecured revolving credit agreement dated April 30, 2007 with a syndicate of banks led by JP Morgan Chase Bank, N.A., the Company, through Ultra Resources, replaced the 2007 Credit Agreement in its entirety with a senior unsecured revolving credit facility with JP Morgan Chase Bank, N.A. as administrative agent, and the lenders party thereto and repaid all amounts outstanding under the 2007 Credit Agreement with proceeds of loans drawn under the 2011 Credit Agreement. The 2011 Credit Agreement reflects an increased borrowing capacity as compared to the 2007 Credit Agreement with an initial loan commitment of $1.0 billion (which may be increased up to $1.25 billion at the request of the Borrower and with the lenders' consent), provides for the issuance of letters of credit of up to $250.0 million in aggregate, and matures in five years (which term may be extended for up to two successive one-year periods at the Borrower's request and with the lenders' consent). Loans under the 2011 Credit Agreement are unsecured and bear interest, at the Borrower's option, based on (A) a rate per annum equal to the prime rate or the weighted average fed funds rate on overnight transactions during the preceding business day plus 50 basis points, or (B) a base Eurodollar rate, substantially equal to the LIBOR rate, in either case plus a margin based on a grid of the Borrower's consolidated leverage ratio (for Eurodollar borrowings, 175 basis points per annum as of October 6, 2011). The 2011 Credit Agreement contains typical and customary representations, warranties, covenants and events of default. The 2011 Credit Agreement includes restrictive covenants requiring the Borrower to maintain a consolidated leverage ratio of no greater than three and one half times to one and, as long as the Company's debt rating is below investment grade, the maintenance of an annual ratio of the net present value of the Company's oil and gas properties to total funded debt of no less than one and one half times to one.

Subsequent Events

9 Months Ended

Sep. 30, 2011

Schedule of Subsequent Events [Text Block]

9. SUBSEQUENT EVENTS:

FASB ASC Topic 855, Subsequent Events (“FASB ASC 855”), sets forth principles and requirements to be applied to the accounting for and disclosure of subsequent events. FASB ASC 855 sets forth the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which events or transactions occurring after the balance sheet date shall be recognized in the financial statements and the required disclosures about events or transactions that occurred after the balance sheet date. The Company has evaluated the period subsequent to September 30, 2011 for events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events other than those discussed below arose that should be disclosed in order to keep the financial statements from being misleading.

On October 6, 2011, in anticipation of the upcoming maturity of the Company's (through its subsidiary, Ultra Resources) senior unsecured revolving credit agreement dated April 30, 2007 with a syndicate of banks led by JP Morgan Chase Bank, N.A., the Company, through Ultra Resources, replaced the 2007 Credit Agreement in its entirety with a senior unsecured revolving credit facility with JP Morgan Chase Bank, N.A. as administrative agent, and the lenders party thereto and repaid all amounts outstanding under the 2007 Credit Agreement with proceeds of loans drawn under the 2011 Credit Agreement.

The 2011 Credit Agreement reflects an increased borrowing capacity as compared to the 2007 Credit Agreement with an initial loan commitment of $1.0 billion (which may be increased up to $1.25 billion at the request of the Borrower and with the lenders' consent), provides for the issuance of letters of credit of up to $250.0 million in aggregate, and matures in five years (which term may be extended for up to two successive one-year periods at the Borrower's request and with the lenders' consent).

Loans under the 2011 Credit Agreement are unsecured and bear interest, at the Borrower's option, based on (A) a rate per annum equal to the prime rate or the weighted average fed funds rate on overnight transactions during the preceding business day plus 50 basis points, or (B) a base Eurodollar rate, substantially equal to the LIBOR rate, in either case plus a margin based on a grid of the Borrower's consolidated leverage ratio (for Eurodollar borrowings, 175 basis points per annum as of October 6, 2011).

The 2011 Credit Agreement contains typical and customary representations, warranties, covenants and events of default. The 2011 Credit Agreement includes restrictive covenants requiring the Borrower to maintain a consolidated leverage ratio of no greater than three and one half times to one and, as long as the Company's debt rating is below investment grade, the maintenance of an annual ratio of the net present value of the Company's oil and gas properties to total funded debt of no less than one and one half times to one.