ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables)

3 Months Ended

Mar. 31, 2013

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Schedule of accounts payable and accrued expenses

	As of March 31, 2013		As of December 31, 2012
Drilling and completion costs	$	46,239,017	$	51,698,682
Accounts payable trade	407,591		10,049,131
Accrued general and administrative cost	5,142,425		5,078,059
Lease operating expense	4,047,200		2,824,300
Accrued reclamation cost	400,000		400,000
Accrued interest	303,839		219,494
Accrued oil and gas hedging	433,616		238,365
Production taxes and other	5,318,984		2,342,241
	$	62,292,672	$	72,850,272