Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:    
Oil and Gas Revenues $ 6,045,701us-gaap_OilAndGasRevenue $ 5,970,452us-gaap_OilAndGasRevenue
Costs and Operating Expenses    
Oil and gas production costs 1,867,795us-gaap_OilAndGasProductionExpense 771,100us-gaap_OilAndGasProductionExpense
Oil and gas production taxes 277,031us-gaap_ProductionTaxExpense 275,961us-gaap_ProductionTaxExpense
Depreciation, depletion and amortization 3,654,298us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization 1,530,196us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization
Accretion expense 66,979us-gaap_AccretionExpense 24,382us-gaap_AccretionExpense
General and administrative expense 1,728,987us-gaap_GeneralAndAdministrativeExpense 1,564,461us-gaap_GeneralAndAdministrativeExpense
Total Costs and Operating Expenses 7,595,090us-gaap_OperatingCostsAndExpenses 4,166,100us-gaap_OperatingCostsAndExpenses
Income (Loss) from Operations (1,549,389)us-gaap_OperatingIncomeLoss 1,804,352us-gaap_OperatingIncomeLoss
Other Income    
Interest income 780us-gaap_InvestmentIncomeInterest 42,733us-gaap_InvestmentIncomeInterest
Net Other Income 780us-gaap_OtherIncome 42,733us-gaap_OtherIncome
Income (loss) before tax provision (1,548,609)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 1,847,085us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
(Provision For) Benefit From Income Taxes 572,985us-gaap_IncomeTaxExpenseBenefit (683,436)us-gaap_IncomeTaxExpenseBenefit
Net Income (Loss) $ (975,624)us-gaap_NetIncomeLoss $ 1,163,649us-gaap_NetIncomeLoss
Basic Earnings (Loss) per Share $ (0.04)us-gaap_EarningsPerShareBasic $ 0.05us-gaap_EarningsPerShareBasic
Diluted Earnings (Loss) per Share $ (0.04)us-gaap_EarningsPerShareDiluted $ 0.05us-gaap_EarningsPerShareDiluted