CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash	$ 8,328,712	$ 4,431,350
Accounts receivable	2,919,015	2,507,858
Joint interest billing receivable	800,398	1,629,165
Prepaid expenses and retainers	422,180	146,118
Total Current Assets	12,470,305	8,714,491
Properties and Equipment
Oil and natural gas properties subject to amortization	231,234,309	269,590,374
Office equipment and automobiles	1,539,991	1,539,991
Total Properties and Equipment	232,774,300	271,130,365
Accumulated depreciation, depletion and amortization	(35,837,666)	(29,863,838)
Net Properties and Equipment	196,936,634	241,266,527
Deferred Income Taxes	18,622,338	64,323
Deferred Financing Costs	541,367	820,904
Total Assets	228,570,644	250,866,245
Current Liabilities
Accounts payable	3,554,577	11,023,269
Other accrued liabilities	0	309,898
Total Current Liabilities	3,554,577	11,333,167
Long term debt	0	45,900,000
Asset retirement obligations	7,722,019	7,401,950
Total Liabilities	11,276,596	64,635,117
Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - $0.001 par value; 150,000,000 shares authorized; 41,917,061 shares and 30,391,942 shares outstanding, respectively	41,917	30,392
Additional paid-in capital	255,536,973	193,269,034
Retained Loss	(38,284,842)	(7,068,298)
Total Stockholders' Equity	217,294,048	186,231,128
Total Liabilities and Stockholders' Equity	$ 228,570,644	$ 250,866,245

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

- Definition

Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.