ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables)

9 Months Ended

Sep. 30, 2012

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Schedule of accounts payable and accrued expenses

	2012		2011
Drilling and completion costs	$	51,010,731	$	14,153,449
Accounts payable trade	267,213		4,976,979
Ad valorem taxes	190,627		1,781,021
Accrued general and administrative cost	5,039,156		1,713,708
Accrued initial public offering expenses	—		1,258,791
Lease operating expense	2,510,000		2,128,470
Accrued reclamation cost	400,000		400,000
Accrued interest	634,162		17,965
Accrued oil and gas hedging	314,537		353,897
Production taxes and other	2,627,474		284,046
	$	62,993,900	$	27,068,326