ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

12 Months Ended

Dec. 31, 2012

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

        Accounts payable and accrued expenses contain the following:

	2012		2011
Drilling and completion costs	$	51,698,682	$	14,153,449
Accounts payable trade		10,049,131		4,976,979
Accrued general and administrative cost		5,078,059		1,713,708
Accrued initial public offering expenses		—		1,258,791
Lease operating expense		2,824,300		2,128,470
Accrued reclamation cost		400,000		400,000
Interest		219,494		17,965
Accrued oil and gas hedging		238,365		353,897
Production taxes and other		2,342,241		2,065,067
	$	72,850,272	$	27,068,326