ACQUISTIONS AND DIVESTITURES: (Details 2) (USD $)	0 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
ACQUISTIONS AND DIVESTITURES:
Period within which sale of asset takes place to classify it as held for sale				1 year
ACQUISTIONS AND DIVESTITURES
Sale value of oil and gas properties				$ 5,212,000
Gain on sale of oil and gas properties		4,279,998		4,279,998
Oil and gas properties, successful efforts method;
Proved properties		718,962,011		718,962,011		547,878,188
Unproved properties		72,928,364		72,928,364		15,848,703
OIL AND GAS PROPERTIES-using the successful efforts method of accounting		861,710,126		861,710,126		587,510,033
Less accumulated depletion and depreciation		(66,199,440)		(66,199,440)		(26,759,043)
OIL AND GAS PROPERTIES-net, using the successful efforts method of accounting		795,510,686		795,510,686		560,750,990
NET REVENUES
Oil and gas sales		58,327,823	25,915,330	157,613,348	70,608,993
OPERATING EXPENSES:
Lease operating		8,444,403	4,686,328	22,506,131	12,040,775
Severance and ad valorem taxes		3,021,860	1,342,646	9,387,094	3,778,946
Exploration		6,359,222	18,608	9,563,876	566,210
Depreciation, depletion and amortization				43,900,774	21,083,067
Impairment of proved properties		268,500	623,039	268,500	623,039
TOTAL COSTS AND EXPENSES		45,145,014	17,179,917	105,887,266	44,597,417
INCOME FROM OPERATIONS		13,182,809	8,735,413	51,726,082	26,011,576
Oil and gas properties in California
ACQUISTIONS AND DIVESTITURES
Sale value of oil and gas properties	5,100,000
Gain on sale of oil and gas properties	4,300,000
Oil and gas properties, successful efforts method;
Proved properties		7,799,582		7,799,582		13,060,597
Unproved properties		32,013		32,013		32,013
Wells in progress		30,629		30,629		167,198
OIL AND GAS PROPERTIES-using the successful efforts method of accounting		7,862,224		7,862,224		13,259,808
Less accumulated depletion and depreciation		(2,823,942)		(2,823,942)		(3,364,300)
OIL AND GAS PROPERTIES-net, using the successful efforts method of accounting		5,038,282		5,038,282		9,895,508
ASSET RETIREMENT OBLIGATIONS		769,700		769,700		975,562
NET REVENUES
Oil and gas sales		1,274,906	1,458,198	5,000,665	4,927,493
OPERATING EXPENSES:
Lease operating		451,795	795,428	1,853,085	2,419,715
Severance and ad valorem taxes		8,809	(1,000)	124,298	81,449
Exploration		6,219	400	17,008	6,995
Depreciation, depletion and amortization		570,488	974,035	2,149,478	2,610,576
Impairment of proved properties		1,648,190	3,443,984	1,648,190	3,443,984
TOTAL COSTS AND EXPENSES		2,685,501	5,212,847	5,792,059	8,562,719
INCOME FROM OPERATIONS		$ (1,410,595)	$ (3,754,649)	$ (791,394)	$ (3,635,226)