Northern Oil and Gas (NOG) 10-Q7 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Oct. 31, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'NORTHERN OIL & GAS, INC.	'
Entity Central Index Key	'0001104485	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	60,973,390
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'

BALANCE_SHEETS_UNAUDITED

BALANCE SHEETS (UNAUDITED) (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS	'	'
Cash and Cash Equivalents	$8,049,167	$5,687,166
Trade Receivables	88,575,478	86,816,981
Advances to Operators	869,485	618,786
Prepaid and Other Expenses	1,792,569	770,740
Derivative Instruments	3,849,629	62,890
Deferred Tax Asset	3,312,000	10,431,000
Total Current Assets	106,448,328	104,387,563
Oil and Natural Gas Properties, Full Cost Method of Accounting	'	'
Proved	2,005,625,094	1,611,073,747
Unproved	71,275,756	70,148,348
Other Property and Equipment	1,781,645	1,701,366
Total Property and Equipment	2,078,682,495	1,682,923,461
Less - Accumulated Depreciation and Depletion	-409,239,931	-285,616,752
Total Property and Equipment, Net	1,669,442,564	1,397,306,709
DERIVATIVE INSTRUMENTS	6,142,424	1,745,405
DEBT ISSUANCE COSTS NET	14,541,339	16,160,283
TOTAL ASSETS	1,796,574,655	1,519,599,960
CURRENT LIABILITIES	'	'
Accounts Payable	220,127,572	168,936,785
Accrued Expenses	4,933,500	2,645,178
Accrued Interest	13,491,862	3,386,409
Derivative Instruments	531,246	19,119,646
Total Current Liabilities	239,084,180	194,088,018
LONG-TERM LIABILITIES	'	'
Revolving Credit Facility	228,000,000	75,000,000
8% Senior Notes	508,424,779	509,539,823
Derivative Instruments	1,975,681	637,208
Other Noncurrent Liabilities	4,824,408	3,832,550
Deferred Tax Liability	145,955,000	116,674,000
Total Long-Term Liabilities	889,179,868	705,683,581
TOTAL LIABILITIES	1,128,264,048	899,771,599
COMMITMENTS AND CONTINGENCIES (NOTE 8)	'	'
STOCKHOLDERS' EQUITY	'	'
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding	0	0
Common Stock, Par Value $.001; 95,000,000 Authorized, 9/30/2014 - 61,026,673 Shares Outstanding and 12/31/2013 - 61,858,199 Shares Outstanding	61,027	61,858
Additional Paid-In Capital	434,364,613	446,044,159
Retained Earnings	233,884,967	173,722,344
Total Stockholders' Equity	668,310,607	619,828,361
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$1,796,574,655	$1,519,599,960

BALANCE_SHEETS_UNAUDITED_Paren

BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
LONG-TERM LIABILITIES	'	'
Rate of Senior notes (in hundredths)	8.00%	8.00%
STOCKHOLDERS' EQUITY	'	'
Preferred Stock, par value (in dollars per share)	$0.00	$0.00
Preferred Stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$0.00	$0.00
Common Stock, shares authorized (in shares)	95,000,000	95,000,000
Common Stock, shares outstanding (in shares)	61,026,673	61,858,199

STATEMENTS_OF_COMPREHENSIVE_IN

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $)	3 Months Ended		9 Months Ended
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES	'	'	'	'
Oil and Gas Sales	$119,191,594	$107,232,064	$337,149,610	$270,026,894
(Loss) on Settled Derivatives	-7,017,599	-8,096,075	-25,084,349	-8,966,175
Gains (Loss) on the Mark-to-Market of Derivative Instruments	68,600,900	-29,353,161	25,433,684	-27,254,147
Other Revenue	2,594	1,372	5,863	37,514
Total Revenues	180,777,489	69,784,200	337,504,808	233,844,086
OPERATING EXPENSES	'	'	'	'
Production Expenses	14,717,257	11,471,867	39,428,008	30,510,248
Production Taxes	12,068,494	9,931,345	34,073,083	25,303,805
General and Administrative Expense	4,698,972	4,164,335	12,677,481	12,068,439
Depletion, Depreciation, Amortization and Accretion	45,646,232	32,103,607	123,959,402	85,455,425
Total Expenses	77,130,955	57,671,154	210,137,974	153,337,917
INCOME FROM OPERATIONS	103,646,534	12,113,046	127,366,834	80,506,169
OTHER INCOME (EXPENSE)	'	'	'	'
Interest Expense, Net of Capitalization	-10,624,246	-9,212,834	-30,850,004	-23,140,425
Other Income (Expense)	13,022	-169,308	45,794	-437,032
Total Other Income (Expense)	-10,611,224	-9,382,142	-30,804,210	-23,577,457
INCOME BEFORE INCOME TAXES	93,035,310	2,730,904	96,562,624	56,928,712
INCOME TAX PROVISION	35,050,000	1,028,000	36,400,000	21,262,614
NET INCOME	57,985,310	1,702,904	60,162,624	35,666,098
COMPREHENSIVE INCOME	$57,985,310	$1,702,904	$60,162,624	$35,666,098
Net Income Per Common Share - Basic (in dollars per share)	$0.96	$0.03	$0.99	$0.57
Net Income Per Common Share - Diluted (in dollars per share)	$0.95	$0.03	$0.99	$0.56
Weighted Average Shares Outstanding - Basic (in shares)	60,559,827	62,426,341	60,753,752	62,750,952
Weighted Average Shares Outstanding - Diluted (in shares)	60,736,502	62,758,378	60,950,641	63,142,238

STATEMENTS_OF_CASH_FLOWS_UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	9 Months Ended
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net Income	$60,162,624	$35,666,098
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:	'	'
Depletion, Depreciation, Amortization and Accretion	123,959,402	85,455,425
Amortization of Debt Issuance Costs	2,053,879	1,867,482
Amortization of 8% Senior Notes Premium	-1,115,044	-588,496
Deferred Income Taxes	36,400,000	21,258,000
(Gain) Loss on the Mark-to-Market of Derivative Instruments	-25,433,684	27,254,147
Amortization of Deferred Rent	-10,990	-15,876
Share - Based Compensation Expense	2,022,243	3,547,493
Changes in Working Capital and Other Items:	'	'
Trade Receivables	-1,758,497	-21,981,344
Prepaid Expenses and Other	-1,021,830	116,003
Accounts Payable	2,805,152	6,026,364
Accrued Interest	9,016,690	9,274,841
Accrued Expenses	2,290,764	1,039,076
Net Cash Provided By Operating Activities	209,370,709	168,919,213
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchases of Oil and Gas Properties and Development Capital Expenditures	-345,269,233	-269,390,319
Proceeds from Sale, Net of Oil and Natural Gas Properties	0	908,000
Purchases of Other Property and Equipment	-80,279	-255,603
Net Cash Used For Investing Activities	-345,349,512	-268,737,922
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Advances on Revolving Credit Facility	163,000,000	103,000,000
Repayments on Revolving Credit Facility	-10,000,000	-182,000,000
Issuance of Senior Unsecured Notes	0	210,500,000
Debt Issuance Costs Paid	-434,936	-7,023,254
Repurchase of Common Stock	-14,224,260	-26,177,437
Net Cash Provided by Financing Activities	138,340,804	98,299,309
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,362,001	-1,519,400
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	5,687,166	13,387,998
CASH AND CASH EQUIVALENTS - END OF PERIOD	8,049,167	11,868,598
Supplemental Disclosure of Cash Flow Information	'	'
Cash Paid During the Period for Interest	23,201,544	15,196,809
Cash Paid During the Period for Income Taxes	0	13,614
Non-Cash Financing and Investing Activities:	'	'
Oil and Natural Gas Properties Included in Accounts Payable	211,194,448	136,396,330
Capitalized Asset Retirement Obligations	739,591	476,549
Non-Cash Compensation Capitalized on Oil and Gas Properties	$521,640	$1,643,683

STATEMENTS_OF_CASH_FLOWS_UNAUD1

STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:	'	'	'
Rate of Senior notes (in hundredths)	8.00%	8.00%	8.00%

ORGANIZATION_AND_NATURE_OF_BUS

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Sep. 30, 2014
ORGANIZATION AND NATURE OF BUSINESS [Abstract]	'
ORGANIZATION AND NATURE OF BUSINESS	'
	NOTE 1 ORGANIZATION AND NATURE OF BUSINESS

	Northern Oil and Gas, Inc. (the “Company,” “Northern,” “our” and words of similar import), a Minnesota corporation, is an independent energy company engaged in the acquisition, exploration, exploitation, development and production of crude oil and natural gas properties. The Company’s common stock trades on the NYSE MKT market under the symbol “NOG”.

	Northern’s principal business is crude oil and natural gas exploration, development, and production with operations in North Dakota and Montana that primarily target the Bakken and Three Forks formations in the Williston Basin of the United States. The Company acquires leasehold interests that comprise of non-operated working interests in wells and in drilling projects within its area of operations. As of September 30, 2014, approximately 62% of Northern’s 184,747 total net acres were developed.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2014

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

The financial information included herein is unaudited, except for the balance sheet as of December 31, 2013, which has been derived from the Company’s audited financial statements for the year ended December 31, 2013. However, such information includes all adjustments (consisting of normal recurring adjustments and change in accounting principles) that are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. The results of operations for interim periods are not necessarily indicative of the results to be expected for an entire year.

Certain information, accounting policies, and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in this Form 10-Q pursuant to certain rules and regulations of the Securities and Exchange Commission (“SEC”). The financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2013, which were included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

Use of Estimates

The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to proved crude oil and natural gas reserve volumes, future development costs, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of derivative instruments, and deferred income taxes. Actual results may differ from those estimates.

Cash and Cash Equivalents

Northern considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts and money market funds. The Company’s cash positions represent assets held in checking and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. Due to the balances being greater than $250,000, the Company does not have FDIC coverage on the entire amount of bank deposits. The Company believes this risk is minimal. In addition, the Company is subject to Security Investor Protection Corporation (“SIPC”) protection on a vast majority of its financial assets.

Accounts Receivable

Accounts receivable are carried on a gross basis, with no discounting. The Company regularly reviews all aged accounts receivable for collectability and establishes an allowance as necessary for individual customer balances.

The allowance for doubtful accounts at September 30, 2014 and December 31, 2013 was $2.1 million and $1.1 million, respectively.

Advances to Operators

The Company participates in the drilling of crude oil and natural gas wells with other working interest partners. Due to the capital intensive nature of crude oil and natural gas drilling activities, the working interest partner responsible for conducting the drilling operations may request advance payments from other working interest partners for their share of the costs. The Company expects such advances to be applied by working interest partners against joint interest billings for its share of drilling operations within 90 days from when the advance is paid.

Other Property and Equipment

Property and equipment that are not crude oil and natural gas properties are recorded at cost and depreciated using the straight-line method over their estimated useful lives of three to seven years. Expenditures for replacements, renewals, and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Long-lived assets, other than crude oil and natural gas properties, are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The Company has not recognized any impairment losses on non-crude oil and natural gas long-lived assets. Depreciation expense was $78,414 and $61,485 for the three months ended September 30, 2014 and 2013, respectively. Depreciation expense was $238,168 and $248,626 for the nine months ended September 30, 2014 and 2013, respectively.

Full Cost Method

Northern follows the full cost method of accounting for crude oil and natural gas operations whereby all costs related to the exploration and development of crude oil and natural gas properties are capitalized into a single cost center (“full cost pool”). Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to the production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Capitalized costs are summarized as follows for the three and nine months ended September 30, 2014 and 2013, respectively.

Three Months Ended

Nine Months Ended

September 30,

2014

2013

2014

2013

Capitalized Certain Payroll and Other Internal Costs

842,641

894,573

1,839,206

2,257,022

Capitalized Interest Costs

1,137,655

1,597,129

3,476,446

4,525,906

Total

1,980,296

2,491,702

5,315,652

6,782,928

As of September 30, 2014, the Company held leasehold interests in the Williston Basin on acreage located in North Dakota and Montana targeting the Bakken and Three Forks formations.

Proceeds from property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of the proved reserves related to a single full cost pool. There were no property sales in the nine months ended September 30, 2014 and 2013.

Capitalized costs associated with impaired properties and capitalized costs related to properties having proved reserves, plus the estimated future development costs and asset retirement costs, are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves as determined by independent petroleum engineers. The costs of unproved properties are withheld from the depletion base until such time as they are either developed or abandoned. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion and full cost ceiling calculations. For the three months ended September 30, 2014 and 2013, the Company transferred into the full cost pool costs related to expired leases of $7.8 million and $3.3 million, respectively. For the nine months ended September 30, 2014 and 2013, the Company transferred into the full cost pool costs related to expired leases of $20.0 million and $11.3 million, respectively.

Capitalized costs of crude oil and natural gas properties (net of related deferred income taxes) may not exceed an amount equal to the present value, discounted at 10% per annum, of the estimated future net cash flows from proved crude oil and natural gas reserves plus the cost of unproved properties (adjusted for related income tax effects). Should capitalized costs exceed this ceiling, impairment is recognized. The present value of estimated future net cash flows is computed by applying the 12-month average price of crude oil and natural gas to estimated future production of proved crude oil and natural gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves and assuming continuation of existing economic conditions. Such present value of proved reserves’ future net cash flows excludes future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet. Should this comparison indicate an excess carrying value, the excess is charged to earnings as an impairment expense. For the nine months ended September 30, 2014 and 2013, the Company did not realize any impairment of its properties.

Asset Retirement Obligations

Asset retirement obligation is included in other noncurrent liabilities and relates to future costs associated with the plugging and abandonment of crude oil and natural gas wells, removal of equipment and facilities from leased acreage and returning the land to its original condition. Estimates are based on estimated remaining lives of those wells based on reserve estimates, external estimates to plug and abandon the wells in the future, inflation, credit adjusted discount rates and federal and state regulatory requirements. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset.

Debt Issuance Costs

Deferred financing costs include origination, legal and other fees to issue debt in connection with the Company’s credit facility and senior unsecured notes. These debt issuance costs are being amortized over the term of the related financing using the straight-line method, which approximates the effective interest method (see Note 4).

The amortization of debt issuance costs for the three months ended September 30, 2014 and 2013 was $709,644 and $706,602, respectively. The amortization of debt issuance costs for the nine months ended September 30, 2014 and 2013 was $2,053,879 and $1,867,482, respectively.

Bond Premium on Senior Notes

At September 30, 2014, the Company had recorded a bond premium of $10.5 million in connection with the “8% Senior Notes Due 2020” (see Note 4). This bond premium is being amortized over the term of the related financing using the straight-line method, which approximates the effective interest method.

The amortization of the bond premium for the three months ended September 30, 2014 and 2013 was $371,681 and $371,681, respectively. The amortization of the bond premium for the nine months ended September 30, 2014 and 2013 was $1,115,044 and $588,496, respectively.

Revenue Recognition

The Company recognizes crude oil and natural gas revenues from its interests in producing wells when production is delivered to, and title has transferred to, the purchaser and to the extent the selling price is reasonably determinable. The Company uses the sales method of accounting for natural gas balancing of natural gas production and would recognize a liability if the existing proven reserves were not adequate to cover the current imbalance situation. For the nine months ended September 30, 2014 and 2013, the Company’s natural gas production was in balance, meaning its cumulative portion of natural gas production taken and sold from wells in which it has an interest equaled its entitled interest in natural gas production from those wells.

Concentrations of Market and Credit Risk

The future results of the Company’s crude oil and natural gas operations will be affected by the market prices of crude oil and natural gas. The availability of a ready market for crude oil and natural gas products in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of crude oil and natural gas pipelines and other transportation facilities, any oversupply or undersupply of crude oil, natural gas and liquid products, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty.

The Company operates in the exploration, development and production sector of the crude oil and natural gas industry. The Company’s receivables include amounts due from purchasers of its crude oil and natural gas production. While certain of these customers are affected by periodic downturns in the economy in general or in their specific segment of the crude oil or natural gas industry, the Company believes that its level of credit-related losses due to such economic fluctuations has been and will continue to be immaterial to the Company’s results of operations over the long-term.

The Company manages and controls market and counterparty credit risk. In the normal course of business, collateral is not required for financial instruments with credit risk. Financial instruments which potentially subject the Company to credit risk consist principally of temporary cash balances and derivative financial instruments. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments. The Company attempts to limit the amount of credit exposure to any one financial institution or company. The Company believes the credit quality of its customers is generally high. In the normal course of business, letters of credit or parent guarantees may be required for counterparties which management perceives to have a higher credit risk.

Stock-Based Compensation

The Company records expense associated with the fair value of stock-based compensation. For fully vested stock and restricted stock grants the Company calculates the stock-based compensation expense based upon estimated fair value on the date of grant. For stock options, the Company uses the Black-Scholes option valuation model to calculate stock-based compensation at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate.

Stock Issuance

The Company records the stock-based compensation awards issued to non-employees and other external entities for goods and services at either the fair market value of the goods received or services rendered or the instruments issued in exchange for such services, whichever is more readily determinable.

Income Taxes

Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. No valuation allowance has been recorded as of September 30, 2014 and December 31, 2013.

Net Income Per Common Share

Basic earnings per share (“EPS”) are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options and restricted stock. The number of potential common shares outstanding relating to stock options and restricted stock is computed using the treasury stock method.

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and nine months ended September 30, 2014 and 2013 are as follows:

Three Months Ended

Nine Months Ended

September 30,

2014

2013

2014

2013

Weighted Average Common Shares Outstanding – Basic

60,559,827

62,426,341

60,753,752

62,750,952

Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock

176,675

332,037

196,889

391,286

Weighted Average Common Shares Outstanding – Diluted

60,736,502

62,758,378

60,950,641

63,142,238

Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect

5,064

2,290

6,346

9,295

Derivative Instruments and Price Risk Management

The Company uses derivative instruments to manage market risks resulting from fluctuations in the prices of crude oil. The Company enters into derivative contracts, including price swaps, caps and floors, which require payments to (or receipts from) counterparties based on the differential between a fixed price and a variable price for a fixed quantity of crude oil without the exchange of underlying volumes. The notional amounts of these financial instruments are based on expected production from existing wells. The Company has, and may continue to use exchange traded futures contracts and option contracts to hedge the delivery price of crude oil at a future date.

All derivative positions are carried at their fair value on the balance sheet and are marked-to-market at the end of each period. Any realized gains and losses are recorded to gain (loss) on settled derivatives and mark-to-market gains or losses are recorded to gains (losses) on the mark-to-market of derivative instruments on the statements of comprehensive income. See Note 12 for a description of the derivative contracts which the Company has entered into.

Impairment

Long-lived assets to be held and used are required to be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Crude oil and natural gas properties accounted for using the full cost method of accounting (which the Company uses) are excluded from this requirement but continue to be subject to the full cost method’s impairment rules. There was no impairment recorded for the nine months ended September 30, 2014 and 2013.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company in the annual period beginning after December 15, 2016. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company’s statement of comprehensive income, balance sheets, cash flows or disclosures.

CRUDE_OIL_AND_NATURAL_GAS_PROP

CRUDE OIL AND NATURAL GAS PROPERTIES	9 Months Ended
CRUDE OIL AND NATURAL GAS PROPERTIES	Sep. 30, 2014
CRUDE OIL AND NATURAL GAS PROPERTIES [Abstract]	'
CRUDE OIL AND NATURAL GAS PROPERTIES	'
	NOTE 3 CRUDE OIL AND NATURAL GAS PROPERTIES

	The value of the Company’s crude oil and natural gas properties consists of all acquisition costs (including cash expenditures and the value of stock consideration), drilling costs and other associated capitalized costs. Acquisitions are accounted for as purchases and, accordingly, the results of operations are included in the accompanying statements of comprehensive income from the closing date of the acquisition. Purchase prices are allocated to acquired assets based on their estimated fair value at the time of the acquisition. In the past, acquisitions have been funded with internal cash flow, bank borrowings and the issuance of debt and equity securities. Development capital expenditures and purchases of properties that were in accounts payable and not yet paid in cash at September 30, 2014 and December 31, 2013 were approximately $211.2 million and $163.0 million, respectively.

	Acquisitions

	For the nine months ended September 30, 2014, the Company acquired approximately 17,050 net acres, for an average cost of approximately $1,586 per net acre, in its key prospect areas in the form of effective leases. During the same period, the Company separately acquired working interests in 123 gross (10.0 net) wells in undrilled locations in which it does not hold the underlying leasehold interests, for a total cost of approximately $10.3 million.

	Unproved Properties

	Unproved properties not being amortized comprise approximately 57,500 net acres and 60,600 net acres of undeveloped leasehold interests at September 30, 2014 and December 31, 2013, respectively. The Company believes that the majority of its unproved costs will become subject to depletion within the next five years by proving up reserves relating to the acreage through exploration and development activities, by impairing the acreage that will expire before the Company can explore or develop it further or by determining that further exploration and development activity will not occur. The timing by which all other properties will become subject to depletion will be dependent upon the timing of future drilling activities and delineation of its reserves.

	All properties that are not classified as proved properties are considered unproved properties and, thus, the costs associated with such properties are not subject to depletion. Once a property is classified as proved, all associated acreage and drilling costs are subject to depletion.

	The Company historically has acquired its properties by purchasing individual or small groups of leases directly from mineral owners or from landmen or lease brokers, which leases historically have not been subject to specified drilling projects, and by purchasing lease packages in identified project areas controlled by specific operators. The Company generally participates in drilling activities on a heads up basis by electing whether to participate in each well on a well-by-well basis at the time wells are proposed for drilling.

REVOLVING_CREDIT_FACILITY_AND_

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2014
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT [Abstract]	'
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT	'
	NOTE 4 REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

	Revolving Credit Facility

	In February 2012, the Company entered into an amended and restated credit agreement providing for a revolving credit facility (the “Revolving Credit Facility”), which replaced its previous revolving credit facility with a syndicated facility. The Revolving Credit Facility, which is secured by substantially all of the Company’s assets, provides for a commitment equal to the lesser of the facility amount or the borrowing base. At September 30, 2014, the facility amount was $750 million, the borrowing base was $550 million and there was a $228 million outstanding balance, leaving $322 million of borrowing capacity available under the facility. Under the terms of the Revolving Credit Facility, the Company may issue an unlimited amount of permitted additional indebtedness, as defined, provided that the borrowing base will be reduced by 25% of the stated amount of any such permitted additional indebtedness. The $500 million in Notes described below is “permitted additional indebtedness” as defined in the Revolving Credit Facility.

	The Revolving Credit Facility matures on September 30, 2018 and provides for a borrowing base subject to redetermination semi-annually each April and October and for event-driven unscheduled redeterminations. Borrowings under the Revolving Credit Facility can either be at the Alternate Base Rate (as defined) plus a spread ranging from 0.5% to 1.5% or LIBOR borrowings at the Adjusted LIBOR Rate (as defined) plus a spread ranging from 1.5% to 2.5%. The applicable spread at any time is dependent upon the amount of borrowings relative to the borrowing base at such time. The Company may elect, from time to time, to convert all or any part of its LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. A commitment fee is paid on the undrawn balance based on an annual rate of either 0.375% or 0.50%. At September 30, 2014, the commitment fee was 0.375% and the interest rate margin was 1.75% on LIBOR loans and 0.75% on base rate loans.
	The Revolving Credit Facility contains negative covenants that limit the Company’s ability, among other things, to pay any cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of its business or operations, merge, consolidate, or make investments. In addition, the Company is required to maintain a current ratio (as defined in the credit agreement) of no less than 1.0 to 1.0.

	All of the Company’s obligations under the Revolving Credit Facility are secured by a first priority security interest in any and all assets of the Company.

	8.000% Senior Notes Due 2020

	On May 18, 2012, the Company issued at par value $300 million aggregate principal amount of 8.000% senior unsecured notes due June 1, 2020 (the “Original Notes”). On May 13, 2013, the Company issued at a price of 105.25% an additional $200 million aggregate principal amount of 8.000% senior unsecured notes due June 1, 2020 (the “Follow-on Notes” and, together with the Original Notes, the “Notes”). Interest is payable on the Notes semi-annually in arrears on each of June 1 and December 1. The Company currently does not have any subsidiaries and, as a result, the Notes are not currently guaranteed. Any subsidiaries the Company forms in the future may be required to unconditionally guarantee, jointly and severally, payment obligation under the Notes on a senior unsecured basis. The issuance of the Original Notes resulted in net proceeds to the Company of approximately $291.2 million and the issuance of the Follow-on Notes resulted in net proceeds to the Company of approximately $200.1 million, which are in use to fund the Company’s exploration, development and acquisition program and for general corporate purposes (including repayment of borrowings that were outstanding under the Revolving Credit Facility at the time the Notes were issued).

	At any time prior to June 1, 2015, the Company may redeem up to 35% of the Notes at a redemption price of 108% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings, so long as the redemption occurs within 180 days of completing such equity offering and at least 65% of the aggregate principal amount of the Notes remains outstanding after such redemption. Prior to June 1, 2016, the Company may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after June 1, 2016, the Company may redeem some or all of the Notes at redemption prices (expressed as percentages of principal amount) equal to 104% for the twelve-month period beginning on June 1, 2016, 102% for the twelve-month period beginning June 1, 2017 and 100% beginning on June 1, 2018, plus accrued and unpaid interest to the redemption date.

	The Notes are governed by an Indenture (the “Indenture”), dated as of May 18, 2012, by and among the Company and Wilmington Trust, National Association, as trustee.

	The Indenture restricts the Company’s ability to: (i) incur additional debt or enter into sale and leaseback transactions; (ii) pay distributions on, redeem or, repurchase equity interests; (iii) make certain investments; (iv) incur liens; (v) enter into transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer and sell assets. These covenants are subject to a number of important exceptions and qualifications. If at any time when the Notes are rated investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will terminate and the Company and its subsidiaries (if any) will cease to be subject to such covenants.

	The Indenture contains customary events of default, including:

	·	default in any payment of interest on any Note when due, continued for 30 days;

	·	default in the payment of principal of or premium, if any, on any Note when due;

	·	failure by the Company to comply with its other obligations under the Indenture, in certain cases subject to notice and grace periods;

	·	payment defaults and accelerations with respect to other indebtedness of the Company and certain of its subsidiaries, if any, in the aggregate principal amount of $25 million or more;

	·	certain events of bankruptcy, insolvency or reorganization of the Company or a significant subsidiary or group of restricted subsidiaries that, taken together, would constitute a significant subsidiary;

	·	failure by the Company or any significant subsidiary or group of restricted subsidiaries that, taken together, would constitute a significant subsidiary to pay certain final judgments aggregating in excess of $25 million within 60 days; and

	·	any guarantee of the Notes by a guarantor ceases to be in full force and effect, is declared null and void in a judicial proceeding or is denied or disaffirmed by its maker.

COMMON_AND_PREFERRED_STOCK

COMMON AND PREFERRED STOCK	9 Months Ended
	Sep. 30, 2014
COMMON AND PREFERRED STOCK [Abstract]	'
COMMON AND PREFERRED STOCK	'
	NOTE 5 COMMON AND PREFERRED STOCK

	The Company’s Articles of Incorporation authorize the issuance of up to 100,000,000 shares. The shares are classified in two classes, consisting of 95,000,000 shares of common stock, par value $.001 per share, and 5,000,000 shares of preferred stock, par value $.001 per share. The board of directors is authorized to establish one or more series of preferred stock, setting forth the designation of each such series, and fixing the relative rights and preferences of each such series. The Company has neither designated nor issued any shares of preferred stock.

	Common Stock

	The following is a schedule of changes in the number of shares of common stock outstanding during the nine months ended September 30, 2014 and the year ended December 31, 2013:

		Nine Months Ended			Year Ended
		30-Sep-14			31-Dec-13
	Beginning Balance		61,858,199			63,532,622
	Stock-Based Compensation		-			57,371
	Stock Options Exercised		100,000			10,091
	Restricted Stock Grants (Note 6)		156,960			353,596
	Stock Repurchased		(1,018,897	)		(2,036,383	)
	Other Surrenders		(69,589	)		(59,098	)
	Ending Balance		61,026,673			61,858,199

	2014 Activity

	In the nine months ended September 30, 2014, 33,963 shares of common stock were surrendered by certain employees of the Company to cover tax obligations in connection with their restricted stock awards. The total value of these shares was approximately $507,000, which was based on the market price on the date the shares were surrendered.

	In the nine months ended September 30, 2014, a former director of the Company exercised an aggregate of 100,000 stock options, which were granted in 2007. Of those stock options, 35,626 shares were surrendered to cover the aggregate exercise price of approximately $518,000, based on the market price on the date the shares were surrendered.

	Stock Repurchase Program

	In May 2011, the Company’s board of directors approved a stock repurchase program to acquire up to $150 million of the Company’s outstanding common stock. The stock repurchase program allows the Company to repurchase its shares from time to time in the open market, block transactions and in negotiated transactions.

	During the first quarter of 2014, the Company repurchased 1,018,897 shares of its common stock under the stock repurchase program. These shares are now included in the Company’s pool of authorized but unissued shares. This stock had a cost of approximately $13.7 million. The Company’s accounting policy upon the repurchase of shares is to deduct its par value from Common Stock and to reflect any excess of cost over par value as a deduction from Additional Paid-in Capital.

	Performance Equity Awards

	In 2014, certain of the Company’s executive officers were granted performance equity awards under the 2014 long-term equity incentive program adopted by the compensation committee. Entitlement to the performance shares will be based on the Company’s 2014 performance relative to established performance goals for proved reserve growth, debt-adjusted proved reserve value per share and year-over-year growth in average stock price relative to a selected peer group. Participants may earn from zero to 180 percent of their 2014 base salaries and the amounts earned will be settled in restricted shares of common stock that will vest annually over a subsequent three-year service-based vesting period beginning in 2015. The maximum dollar amount of the performance shares issuable if all participants earned the maximum award would total $3.1 million. For the three and nine months ended September 30, 2014, the Company has recorded $0.1 million and $0.4 million, respectively, of compensation expense in connection with these performance equity awards. No such performance equity awards have vested.

STOCK_OPTIONSSTOCKBASED_COMPEN

STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS	9 Months Ended
	Sep. 30, 2014
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS [Abstract]	'
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS	'
	NOTE 6 STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS

	On April 5, 2013, the board of directors approved the Company’s 2013 Incentive Plan (the “2013 Plan”), which was subsequently approved at the 2013 annual meeting of shareholders. 1,500,000 shares were authorized for grant under the 2013 Plan, plus the number of shares remaining available for future grants under the Company’s predecessor 2009 Equity Incentive Plan on the date the shareholders approved the 2013 Plan. The 2013 Plan is intended to provide a means whereby the Company may be able, by granting equity and other types of awards, to attract, retain and motivate capable and loyal employees, non-employee directors, consultants and advisors of the Company, for the benefit of the Company and its shareholders.

	Restricted Stock Awards

	During the nine months ended September 30, 2014, the Company issued 156,960 restricted shares of common stock under the 2013 Plan as compensation to officers, employees and directors of the Company. Unvested restricted shares vest over various terms with all restricted shares vesting no later than April 2017. As of September 30, 2014, there was approximately $5.1 million of total unrecognized compensation expense related to unvested restricted stock. This compensation expense will be recognized over the remaining vesting period of the grants. The Company has assumed a zero percent forfeiture rate for restricted stock due to the small number of officers, employees and directors that have received restricted stock awards.

	The following table reflects the outstanding restricted stock awards and activity related thereto for the nine months ended September 30, 2014:

			Nine Months Ended
			30-Sep-14
			Number of			Weighted-Average
			Shares			Price
	Restricted Stock Awards:
	Restricted Shares Outstanding at the Beginning of Period			592,565		$	16.84
	Shares Granted			156,960			14.08
	Lapse of Restrictions			(284,406	)		17.97
	Restricted Shares Outstanding at End of Period			465,119		$	15.22

	Stock Option Awards

	On November 1, 2007, the board of directors granted options to purchase 560,000 shares of the Company’s common stock under the Company’s 2006 Incentive Stock Option Plan. The Company granted options to purchase 500,000 shares of the Company’s common stock, to members of the board and options to purchase 60,000 shares of the Company’s common stock to one employee pursuant to an employment agreement. These options were granted at a price of $5.18 per share and the optionees were fully vested on the grant date. As of September 30, 2014, options to purchase a total of 141,872 shares of the Company’s common stock remain outstanding but unexercised. The board of directors determined that no future grants will be made pursuant to the 2006 Incentive Stock Option Plan.

	The Company used the Black-Scholes option valuation model to calculate stock-based compensation at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. The Company used the simplified method to determine the expected term of the options due to the lack of sufficient historical data. Changes in these assumptions can materially affect the fair value estimate. The total fair value of the options was recognized as compensation over the vesting period. There were no stock options granted by the Company in the nine months ended September 30, 2014.

	Currently Outstanding Options

	·	No options were forfeited during the nine months ended September 30, 2014.
	·	No options expired during the nine months ended September 30, 2014.
	·	Options covering 141,872 shares were exercisable and outstanding at September 30, 2014.
	·	The Company recorded no compensation expense related to these options for the nine months ended September 30, 2014. There is no further compensation expense that will be recognized in future periods relative to any options that had been granted as of September 30, 2014, because the Company recognized the entire fair value of such compensation upon vesting of the options.
	·	There were no unvested options at September 30, 2014.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2014
RELATED PARTY TRANSACTIONS [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	NOTE 7 RELATED PARTY TRANSACTIONS

	The Company is a non-operating participant in a number of wells in North Dakota that are operated by Emerald Oil, Inc. (“Emerald”), by virtue of leased acreage or working interests held by the Company in drilling units operated by Emerald. As of September 30, 2014, such wells included 36 gross (6.9 net) producing wells, and an additional 10 gross (1.0 net) wells that were drilling or awaiting completion. Based on authorizations for expenditure (or AFEs) provided by Emerald with respect to each of the wells, the total drilling and completion costs for these 46 gross wells was estimated at approximately $78 million for Northern Oil’s working interest in the wells. James Russell (J.R.) Reger is a director, executive officer and less than 5% shareholder of Emerald, which is a publicly-traded company. J.R. Reger is also the brother of Northern Oil’s Chairman and Chief Executive Officer, Michael Reger. At September 30, 2014, the Company’s accounts receivable and accounts payable balances with Emerald were $2.4 million and $12.9 million, respectively. At December 31, 2013, the Company’s accounts receivable and accounts payable balances with Emerald were $4.6 million and $23.2 million, respectively. The Company recorded total revenues of $18.7 million and $0 from Emerald for the nine months ended September 30, 2014 and 2013, respectively.

	All transactions involving related parties are approved or ratified by the Company’s Audit Committee.

COMMITMENTS_CONTINGENCIES

COMMITMENTS & CONTINGENCIES	9 Months Ended
COMMITMENTS & CONTINGENCIES	Sep. 30, 2014
COMMITMENTS & CONTINGENCIES [Abstract]	'
COMMITMENTS & CONTINGENCIES	'
	NOTE 8 COMMITMENTS & CONTINGENCIES

	Litigation

	The Company is engaged in proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company’s opinion that the outcome of the various legal actions and claims that are incidental to its business will not have a material impact on the financial position, results of operations or cash flows. Such matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable with assurance. For the nine-month period ended September 30, 2014, the Company’s general and administrative expense included $0.6 million in dispute settlement expenses.

	The Company is party to a quiet title action in North Dakota that relates to its interest in certain crude oil and natural gas leases. In the event the action results in a final judgment that is adverse to the Company, the Company would be required to reverse approximately $1.7 million in revenue (net of accrued taxes) that has been accrued since the second quarter of 2008 based on the Company’s purported interest in the crude oil and natural gas leases at issue, $0.1 million of which relates to the nine-month period ended September 30, 2014. The Company fully maintains the validity of its interest in the crude oil and natural gas leases, and is vigorously defending such interest.

INCOME_TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2014
INCOME TAXES [Abstract]	'
INCOME TAXES	'
	NOTE 9 INCOME TAXES

	The Company utilizes the asset and liability approach to measuring deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

	The income tax provision for the three and nine months ended September 30, 2014 and 2013 consists of the following:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Current Income Taxes	$	-	$	-	$	-	$	4,614
	Deferred Income Taxes
	Federal		32,562,000		956,000		33,797,000		19,925,000
	State		2,488,000		72,000		2,603,000		1,333,000
	Total Provision	$	35,050,000	$	1,028,000	$	36,400,000	$	21,262,614

	Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards.

	The Company has no liabilities for unrecognized tax benefits.

	The Company’s policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within income tax expense. For the three and nine months ended September 30, 2014 and 2013, the Company did not recognize any interest or penalties in its statements of comprehensive income, nor did it have any interest or penalties accrued in its balance sheet at September 30, 2014 and December 31, 2013 relating to unrecognized benefits.

	The tax years 2013, 2012, 2011 and 2010 remain open to examination for federal income tax purposes and by the other major taxing jurisdictions to which the Company is subject.

FAIR_VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2014
FAIR VALUE [Abstract]	'
FAIR VALUE	'
	NOTE 10 FAIR VALUE

	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:

	Level 1 - Quoted prices in active markets for identical assets or liabilities.

	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets of liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

	The following schedule summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheet as of September 30, 2014 and December 31, 2013.

		Fair Value Measurements at
		September 30, 2014 Using
		Quoted Prices In Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
		(Level 1)		(Level 2)			(Level 3)
	Commodity Derivatives – Current Asset (crude oil swaps and collars)	$	-	$	3,849,629		$	-
	Commodity Derivatives – Current Liability (crude oil swaps)		-		(531,246	)		-
	Commodity Derivatives – Non- Current Asset (crude oil swaps)		-		6,142,424			-
	Commodity Derivatives – Non- Current Liability (crude oil swaptions)		-		(1,975,681	)		-
	Total	$	-	$	7,485,126		$	-

		Fair Value Measurements at
		December 31, 2013 Using
		Quoted Prices In Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
		(Level 1)		(Level 2)			(Level 3)
	Commodity Derivatives – Current Asset (crude oil swaps and collars)	$	-	$	62,890		$	-
	Commodity Derivatives – Current Liability (crude oil swaps and collars)		-		(19,119,646	)		-
	Commodity Derivatives – Non-Current Asset (crude oil swaps)		-		1,745,405			-
	Commodity Derivatives – Non-Current Liability (crude oil swaps)		-		(637,208	)		-
	Total	$	-	$	(17,948,559	)	$	-

	Level 2 assets and liabilities consist of derivative assets and liabilities (see Note 12), the Revolving Credit Facility (see Note 4) and the Notes (see Note 4). The fair value of the Company’s derivative financial instruments is determined based upon future prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The Company’s and the counterparties’ nonperformance risk is evaluated. The fair value of all derivative contracts is reflected on the balance sheet. The current derivative asset and liability amounts represent the fair values expected to be settled in the subsequent twelve months. The book value of the Revolving Credit Facility approximates fair value because of its floating rate structure. The fair value of our Notes is based on an end of period market quote.

	The Company’s long-term debt is not measured at fair value on the balance sheets and the fair value is being provided for disclosure purposes. At September 30, 2014, the Company had $508.4 million of senior unsecured notes and $228.0 million under the Revolving Credit Facility outstanding with a fair value of $512.5 million and $228.0 million, respectively. At December 31, 2013, the Company had $509.5 million of senior unsecured notes and $75 million under the Revolving Credit Facility outstanding with a fair value of $527.5 million and $75 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable inputs regarding interest rates available to the Company at the end of each respective period.

	Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. There were no transfers of financial assets or liabilities between Level 1, Level 2 or Level 3 inputs for the nine months ended September 30, 2014.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
FINANCIAL INSTRUMENTS	Sep. 30, 2014
FINANCIAL INSTRUMENTS [Abstract]	'
FINANCIAL INSTRUMENTS	'
	NOTE 11 FINANCIAL INSTRUMENTS

	The Company’s non-derivative financial instruments include cash and cash equivalents and credit facility and are not measured at fair value on the balance sheets. The carrying amount of these non-derivative financial instruments approximate their fair values (see Note 10).

	The Company’s accounts receivable relate to crude oil and natural gas sold to various industry companies. Credit terms, typical of industry standards, are of a short-term nature and the Company does not require collateral. Management believes the Company’s accounts receivable at September 30, 2014 and December 31, 2013 do not represent significant credit risks as they are dispersed across many counterparties. The Company has recorded an allowance for doubtful accounts of $2.1 million and $1.1 million at September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014, outstanding derivative contracts with commercial banks participating in the Company’s Revolving Credit Facility represent all of the Company’s crude oil volumes hedged. These commercial banks have investment-grade ratings from Moody’s and Standard & Poor and are lenders under the Company’s Revolving Credit Facility and management believes this does not represent a significant credit risk.

DERIVATIVE_INSTRUMENTS_AND_PRI

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT	9 Months Ended
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT	Sep. 30, 2014
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT [Abstract]	'
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT	'
	NOTE 12 DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT

	The Company utilizes commodity swap contracts, swaptions and costless collars (purchased put options and written call options) to (i) reduce the effects of volatility in price changes on the crude oil commodities it produces and sells, (ii) reduce commodity price risk and (iii) provide a base level of cash flow in order to assure it can execute at least a portion of its capital spending.

	All derivative positions are carried at their fair value on the balance sheet and are marked-to-market at the end of each period. Any realized gains and losses are recorded to loss on settled derivatives and unrealized gains or losses are recorded to losses on the mark-to-market of derivative instruments on the statement of comprehensive income.

	The Company has master netting agreements on individual crude oil contracts with certain counterparties and therefore the current asset and liability are netted on the balance sheet and the non-current asset and liability are netted on the balance sheet for contracts with these counterparties.

	Crude Oil Derivative Contracts Cash-flow Not Designated as Hedges

	The Company recorded realized losses on settled derivatives of $7,017,599 and $8,096,075 in the statement of comprehensive income for the three months ended September 30, 2014 and 2013, respectively. The Company recorded a gain of $68,600,900 and a loss of $29,353,161 on the mark-to-market of derivative instruments in the statement of comprehensive income for the three months ended September 30, 2014 and 2013, respectively. The Company recorded realized losses on settled derivatives of $25,084,349 and $8,966,175 in the statement of comprehensive income for the nine months ended September 30, 2014 and 2013, respectively. The Company recorded a gain of $25,433,684 and a loss of $27,254,147 on the mark-to-market of derivative instruments in the statement of comprehensive income for the nine months ended September 30, 2014 and 2013, respectively.

	The following table reflects open commodity swap contracts as of September 30, 2014, the associated volumes and the corresponding fixed price.

	Settlement Period		Oil (Barrels)				Fixed Price
	Swaps-Crude Oil
	10/01/14 – 12/31/14			60,000				91.65
	10/01/14 – 12/31/14			120,000				88.55
	10/01/14 – 12/31/14			120,000				88.6
	10/01/14 – 12/31/14			120,000				88.4
	10/01/14 – 12/31/14			120,000				88.5
	10/01/14 – 12/31/14			30,000				91.35
	10/01/14 – 12/31/14			30,000				90
	10/01/14 – 12/31/14			60,000				90.15
	10/01/14 – 12/31/14			60,000				91
	10/01/14 – 12/31/14			30,000				93
	10/01/14 – 12/31/14			60,000				90
	10/01/14 – 12/31/14			60,000				90
	10/01/14 – 12/31/14			60,000				93.5
	10/01/14 – 12/31/14			15,000				90.58
	10/01/14 – 06/30/15			390,000				89.15
	01/01/15 – 06/30/15			60,000				90.5
	01/01/15 – 06/30/15			180,000				88.55
	01/01/15 – 06/30/15			180,000				88
	01/01/15 – 06/30/15			60,000				90.75
	01/01/15 – 06/30/15			60,000				90.25
	01/01/15 – 06/30/15			90,000				89
	01/01/15 – 06/30/15			90,000				89
	01/01/15 – 12/31/15			720,000				89
	01/01/15 – 12/31/15			360,000				89
	01/01/15 – 12/31/15			360,000				89.02
	01/01/15 – 12/31/15			180,000				89
	01/01/15 – 12/31/15			180,000				89
	07/01/15 – 12/31/15(1)			180,000				90.75
	07/01/15 – 12/31/15(1)			180,000				91
	07/01/15 – 12/31/15(1)			180,000				91.25
	07/01/15 – 06/30/16			360,000				89
	07/01/15 – 06/30/16			360,000				90
	07/01/15 – 06/30/16			360,000				91
	01/01/16 – 06/30/16			180,000				90
	01/01/16 – 06/30/16			90,000				90
	01/01/16 – 06/30/16			90,000				90
	_________________

	-1	The Company has entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for an additional six-month period. Options covering a notional volume of 90,000 barrels per month are exercisable on or about December 31, 2015. If the counterparties exercise all such options, the notional volume of the Company’s existing crude oil derivative contracts will increase by 90,000 barrels per month at an average price of $91.00 per barrel for each month during the period January 1, 2016 through June 30, 2016.

	As of September 30, 2014, the Company had a total volume on open commodity swaps of 5.8 million barrels at a weighted average price of approximately $89.57.

	The following table reflects the weighted average price of open commodity swap derivative contracts as of September 30, 2014, by year with associated volumes.

	Weighted Average Price
	Of Open Commodity Swap Contracts
	Year		Volumes (Bbl)				Weighted
Average Price			Volumes (Bbl)
2014	Year			975,000			$	89.77
2015			3,960,000				89.43
2016			900,000				90

In addition to the open commodity swap contracts, the Company has entered into costless collar contracts. The costless collars are used to establish floor and ceiling prices on anticipated crude oil production. There were no premiums paid or received by the Company related to the costless collar contracts. The following table reflects open costless collar contracts as of September 30, 2014.

Term		Oil (Barrels)				Floor/Ceiling Price			Basis
Costless Collars – Crude Oil
10/01/14 – 12/31/14			60,000			$	90.00/$99.05		NYMEX

The following table sets forth the amounts, on a gross basis, and classification of the Company’s outstanding derivative financial instruments at September 30, 2014 and December 31, 2013, respectively. Certain amounts may be presented on a net basis on the financial statements when such amounts are with the same counterparty and subject to a master netting arrangement:

Type of Contract		Balance Sheet Location		30-Sep-14				December 31, 2013 Estimated
				Estimated				Fair Value
				Fair Value
Derivative Assets:
Swap Contracts		Current Assets		$	3,770,110			$	62,890
Swap Contracts		Non-Current Assets			6,142,424				1,745,405
Costless Collars		Current Assets			79,519				-
Total Derivative Assets				$	9,992,053			$	1,808,295

Derivative Liabilities:
Swap Contracts		Current Liabilities		$	(531,246	)		$	(19,111,820	)
Swap Contracts		Non-Current Liabilities			-				(637,208	)
Costless Collars		Current Liabilities			-				(7,826	)
Swaption Contracts		Non-Current Liabilities			(1,975,681	)			-
Total Derivative Liabilities				$	(2,506,927	)		$	(19,756,854	)

The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions. When the Company has netting arrangements with its counterparties that provide for offsetting payables against receivables from separate derivative instruments these assets and liabilities are netted on the balance sheet. The tables presented below provide reconciliation between the gross assets and liabilities and the amounts reflected on the balance sheet. The amounts presented exclude derivative settlement receivables and payables as of the balance sheet dates.

		Estimated Fair Value at September 30, 2014
		Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet
Offsetting of Derivative Assets:
Current Assets		$	4,427,385			$	(577,756	)		$	3,849,629
Non-Current Assets			6,142,424				-				6,142,424
Total Derivative Assets		$	10,569,809			$	(577,756	)		$	9,992,053

Offsetting of Derivative Liabilities:
Current Liabilities		$	(1,109,002	)		$	577,756			$	(531,246	)
Non-Current Liabilities			(1,975,681	)			-				(1,975,681	)
Total Derivative Liabilities		$	(3,084,683	)		$	577,756			$	(2,506,927	)

		Estimated Fair Value at December 31, 2013
		Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet
Offsetting of Derivative Assets:
Current Assets		$	629,178			$	(566,288	)		$	62,890
Non-Current Assets			2,589,079				(843,674	)			1,745,405
Total Derivative Assets		$	3,218,257			$	(1,409,962	)		$	1,808,295

Offsetting of Derivative Liabilities:
Current Liabilities		$	(19,685,934	)		$	566,288			$	(19,119,646	)
Non-Current Liabilities			(1,480,882	)			843,674				(637,208	)
Total Derivative Liabilities		$	(21,166,816	)		$	1,409,962			$	(19,756,854	)

All of the Company’s outstanding derivative instruments are covered by International Swap Dealers Association Master Agreements (“ISDAs”) entered into with counterparties that are also lenders under the Company’s Revolving Credit Facility. The Company’s obligations under the derivative instruments are secured pursuant to the Revolving Credit Facility, and no additional collateral had been posted by the Company as of September 30, 2014. The ISDAs may provide that as a result of certain circumstances, such as cross-defaults, a counterparty may require all outstanding derivative instruments under an ISDA to be settled immediately. See Note 10 for the aggregate fair value of all derivative instruments that were in a net liability position at September 30, 2014 and December 31, 2013.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2014

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable

The allowance for doubtful accounts at September 30, 2014 and December 31, 2013 was $2.1 million and $1.1 million, respectively.

Advances to Operators

Other Property and Equipment

Full Cost Method

Three Months Ended

Nine Months Ended

September 30,

2014

2013

2014

2013

Capitalized Certain Payroll and Other Internal Costs

842,641

894,573

1,839,206

2,257,022

Capitalized Interest Costs

1,137,655

1,597,129

3,476,446

4,525,906

Total

1,980,296

2,491,702

5,315,652

6,782,928

As of September 30, 2014, the Company held leasehold interests in the Williston Basin on acreage located in North Dakota and Montana targeting the Bakken and Three Forks formations.

Asset Retirement Obligations

Debt Issuance Costs

Bond Premium on Senior Notes

Revenue Recognition

Concentrations of Market and Credit Risk

Stock-Based Compensation

Stock Issuance

Income Taxes

Net Income Per Common Share

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and nine months ended September 30, 2014 and 2013 are as follows:

Three Months Ended

Nine Months Ended

September 30,

2014

2013

2014

2013

Weighted Average Common Shares Outstanding – Basic

60,559,827

62,426,341

60,753,752

62,750,952

Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock

176,675

332,037

196,889

391,286

Weighted Average Common Shares Outstanding – Diluted

60,736,502

62,758,378

60,950,641

63,142,238

Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect

5,064

2,290

6,346

9,295

Derivative Instruments and Price Risk Management

Impairment

New Accounting Pronouncements

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2014
SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Capitalized costs related to the exploration and development of crude oil and natural gas properties	'
	Capitalized costs are summarized as follows for the three and nine months ended September 30, 2014 and 2013, respectively.

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Capitalized Certain Payroll and Other Internal Costs	$	842,641	$	894,573	$	1,839,206	$	2,257,022
	Capitalized Interest Costs		1,137,655		1,597,129		3,476,446		4,525,906
	Total	$	1,980,296	$	2,491,702	$	5,315,652	$	6,782,928
Reconciliation of denominators used to calculate basic and diluted EPS	'
	The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and nine months ended September 30, 2014 and 2013 are as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Weighted Average Common Shares Outstanding – Basic		60,559,827		62,426,341		60,753,752		62,750,952
	Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock		176,675		332,037		196,889		391,286
	Weighted Average Common Shares Outstanding – Diluted		60,736,502		62,758,378		60,950,641		63,142,238

	Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect		5,064		2,290		6,346		9,295

COMMON_AND_PREFERRED_STOCK_Tab

COMMON AND PREFERRED STOCK (Tables)	9 Months Ended
COMMON AND PREFERRED STOCK (Tables)	Sep. 30, 2014
COMMON AND PREFERRED STOCK [Abstract]	'
Schedule of changes in the number of common stock shares	'
	The following is a schedule of changes in the number of shares of common stock outstanding during the nine months ended September 30, 2014 and the year ended December 31, 2013:

		Nine Months Ended			Year Ended
		30-Sep-14			31-Dec-13
	Beginning Balance		61,858,199			63,532,622
	Stock-Based Compensation		-			57,371
	Stock Options Exercised		100,000			10,091
	Restricted Stock Grants (Note 6)		156,960			353,596
	Stock Repurchased		(1,018,897	)		(2,036,383	)
	Other Surrenders		(69,589	)		(59,098	)
	Ending Balance		61,026,673			61,858,199

STOCK_OPTIONSSTOCKBASED_COMPEN1

STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Tables)	9 Months Ended
	Sep. 30, 2014
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS [Abstract]	'
Restricted stock activity	'
	The following table reflects the outstanding restricted stock awards and activity related thereto for the nine months ended September 30, 2014:

		Nine Months Ended
		30-Sep-14
		Number of			Weighted-Average
		Shares			Price
	Restricted Stock Awards:
	Restricted Shares Outstanding at the Beginning of Period		592,565		$	16.84
	Shares Granted		156,960			14.08
	Lapse of Restrictions		(284,406	)		17.97
	Restricted Shares Outstanding at End of Period		465,119		$	15.22

INCOME_TAXES_Tables

INCOME TAXES (Tables)	9 Months Ended
INCOME TAXES (Tables)	Sep. 30, 2014
INCOME TAXES [Abstract]	'
Income tax expense provision	'
	The income tax provision for the three and nine months ended September 30, 2014 and 2013 consists of the following:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Current Income Taxes	$	-	$	-	$	-	$	4,614
	Deferred Income Taxes
	Federal		32,562,000		956,000		33,797,000		19,925,000
	State		2,488,000		72,000		2,603,000		1,333,000
	Total Provision	$	35,050,000	$	1,028,000	$	36,400,000	$	21,262,614

FAIR_VALUE_Tables

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2014
FAIR VALUE [Abstract]	'
Financial instruments measured at fair value on recurring basis	'
	The following schedule summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheet as of September 30, 2014 and December 31, 2013.

		Fair Value Measurements at
		September 30, 2014 Using
		Quoted Prices In Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
		(Level 1)		(Level 2)			(Level 3)
	Commodity Derivatives – Current Asset (crude oil swaps and collars)	$	-	$	3,849,629		$	-
	Commodity Derivatives – Current Liability (crude oil swaps)		-		(531,246	)		-
	Commodity Derivatives – Non- Current Asset (crude oil swaps)		-		6,142,424			-
	Commodity Derivatives – Non- Current Liability (crude oil swaptions)		-		(1,975,681	)		-
	Total	$	-	$	7,485,126		$	-

		Fair Value Measurements at
		December 31, 2013 Using
		Quoted Prices In Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
		(Level 1)		(Level 2)			(Level 3)
	Commodity Derivatives – Current Asset (crude oil swaps and collars)	$	-	$	62,890		$	-
	Commodity Derivatives – Current Liability (crude oil swaps and collars)		-		(19,119,646	)		-
	Commodity Derivatives – Non-Current Asset (crude oil swaps)		-		1,745,405			-
	Commodity Derivatives – Non-Current Liability (crude oil swaps)		-		(637,208	)		-
	Total	$	-	$	(17,948,559	)	$	-

DERIVATIVE_INSTRUMENTS_AND_PRI1

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Tables)	9 Months Ended
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Tables)	Sep. 30, 2014
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT [Abstract]	'
Open commodity swap contracts	'
	The following table reflects open commodity swap contracts as of September 30, 2014, the associated volumes and the corresponding fixed price.

	Settlement Period		Oil (Barrels)				Fixed Price
	Swaps-Crude Oil
	10/01/14 – 12/31/14			60,000				91.65
	10/01/14 – 12/31/14			120,000				88.55
	10/01/14 – 12/31/14			120,000				88.6
	10/01/14 – 12/31/14			120,000				88.4
	10/01/14 – 12/31/14			120,000				88.5
	10/01/14 – 12/31/14			30,000				91.35
	10/01/14 – 12/31/14			30,000				90
	10/01/14 – 12/31/14			60,000				90.15
	10/01/14 – 12/31/14			60,000				91
	10/01/14 – 12/31/14			30,000				93
	10/01/14 – 12/31/14			60,000				90
	10/01/14 – 12/31/14			60,000				90
	10/01/14 – 12/31/14			60,000				93.5
	10/01/14 – 12/31/14			15,000				90.58
	10/01/14 – 06/30/15			390,000				89.15
	01/01/15 – 06/30/15			60,000				90.5
	01/01/15 – 06/30/15			180,000				88.55
	01/01/15 – 06/30/15			180,000				88
	01/01/15 – 06/30/15			60,000				90.75
	01/01/15 – 06/30/15			60,000				90.25
	01/01/15 – 06/30/15			90,000				89
	01/01/15 – 06/30/15			90,000				89
	01/01/15 – 12/31/15			720,000				89
	01/01/15 – 12/31/15			360,000				89
	01/01/15 – 12/31/15			360,000				89.02
	01/01/15 – 12/31/15			180,000				89
	01/01/15 – 12/31/15			180,000				89
	07/01/15 – 12/31/15(1)			180,000				90.75
	07/01/15 – 12/31/15(1)			180,000				91
	07/01/15 – 12/31/15(1)			180,000				91.25
	07/01/15 – 06/30/16			360,000				89
	07/01/15 – 06/30/16			360,000				90
	07/01/15 – 06/30/16			360,000				91
	01/01/16 – 06/30/16			180,000				90
	01/01/16 – 06/30/16			90,000				90
	01/01/16 – 06/30/16			90,000				90
	_________________

	-1	The Company has entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for an additional six-month period. Options covering a notional volume of 90,000 barrels per month are exercisable on or about December 31, 2015. If the counterparties exercise all such options, the notional volume of the Company’s existing crude oil derivative contracts will increase by 90,000 barrels per month at an average price of $91.00 per barrel for each month during the period January 1, 2016 through June 30, 2016.
Schedule of weighted average price of open commodity derivative contracts	'
	The following table reflects the weighted average price of open commodity swap derivative contracts as of September 30, 2014, by year with associated volumes.

	Weighted Average Price
	Of Open Commodity Swap Contracts
	Year		Volumes (Bbl)				Weighted
	Year		Volumes (Bbl)				Average Price
	2014			975,000			$	89.77
	2015			3,960,000				89.43
	2016			900,000				90
Open costless collar futures agreements	'
	In addition to the open commodity swap contracts, the Company has entered into costless collar contracts. The costless collars are used to establish floor and ceiling prices on anticipated crude oil production. There were no premiums paid or received by the Company related to the costless collar contracts. The following table reflects open costless collar contracts as of September 30, 2014.

	Term		Oil (Barrels)				Floor/Ceiling Price			Basis
	Costless Collars – Crude Oil
	10/01/14 – 12/31/14			60,000			$	90.00/$99.05		NYMEX
Derivatives instruments Balance Sheet location	'
	The following table sets forth the amounts, on a gross basis, and classification of the Company’s outstanding derivative financial instruments at September 30, 2014 and December 31, 2013, respectively. Certain amounts may be presented on a net basis on the financial statements when such amounts are with the same counterparty and subject to a master netting arrangement:

	Type of Contract		Balance Sheet Location		30-Sep-14				December 31, 2013 Estimated
					Estimated				Fair Value
					Fair Value
	Derivative Assets:
	Swap Contracts		Current Assets		$	3,770,110			$	62,890
	Swap Contracts		Non-Current Assets			6,142,424				1,745,405
	Costless Collars		Current Assets			79,519				-
	Total Derivative Assets				$	9,992,053			$	1,808,295

	Derivative Liabilities:
	Swap Contracts		Current Liabilities		$	(531,246	)		$	(19,111,820	)
	Swap Contracts		Non-Current Liabilities			-				(637,208	)
	Costless Collars		Current Liabilities			-				(7,826	)
	Swaption Contracts		Non-Current Liabilities			(1,975,681	)			-
	Total Derivative Liabilities				$	(2,506,927	)		$	(19,756,854	)
Reconciliation between gross assets and liabilities and the amounts reflected on balance sheet	'
	The amounts presented exclude derivative settlement receivables and payables as of the balance sheet dates.

			Estimated Fair Value at September 30, 2014
			Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet
	Offsetting of Derivative Assets:
	Current Assets		$	4,427,385			$	(577,756	)		$	3,849,629
	Non-Current Assets			6,142,424				-				6,142,424
	Total Derivative Assets		$	10,569,809			$	(577,756	)		$	9,992,053

	Offsetting of Derivative Liabilities:
	Current Liabilities		$	(1,109,002	)		$	577,756			$	(531,246	)
	Non-Current Liabilities			(1,975,681	)			-				(1,975,681	)
	Total Derivative Liabilities		$	(3,084,683	)		$	577,756			$	(2,506,927	)

			Estimated Fair Value at December 31, 2013
			Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet
	Offsetting of Derivative Assets:
	Current Assets		$	629,178			$	(566,288	)		$	62,890
	Non-Current Assets			2,589,079				(843,674	)			1,745,405
	Total Derivative Assets		$	3,218,257			$	(1,409,962	)		$	1,808,295

	Offsetting of Derivative Liabilities:
	Current Liabilities		$	(19,685,934	)		$	566,288			$	(19,119,646	)
	Non-Current Liabilities			(1,480,882	)			843,674				(637,208	)
	Total Derivative Liabilities		$	(21,166,816	)		$	1,409,962			$	(19,756,854	)

ORGANIZATION_AND_NATURE_OF_BUS1

ORGANIZATION AND NATURE OF BUSINESS (Details)	9 Months Ended
	Sep. 30, 2014
	acre
ORGANIZATION AND NATURE OF BUSINESS [Abstract]	'
Percentage of mineral rights developed (in hundredths)	62.00%
Gas and oil acreage net mineral rights (in acres)	184,747

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Cash and Cash Equivalents [Abstract]	'	'	'	'	'
Threshold amount of FDIC coverage	$250,000	'	$250,000	'	'
Accounts Receivable [Abstract]	'	'	'	'	'
Provision for doubtful accounts	'	'	2,100,000	'	1,100,000
Advance to Operators [Abstract]	'	'	'	'	'
Period for advance payments to be applied against joint interest billings	'	'	'90 days	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Depreciation expense	78,414	61,485	238,168	248,626	'
Full Cost Method [Abstract]	'	'	'	'	'
Capitalized Certain Payroll and Other Internal Costs	842,641	894,573	1,839,206	2,257,022	'
Capitalized Interest Cost	1,137,655	1,597,129	3,476,446	4,525,906	'
Total	1,980,296	2,491,702	5,315,652	6,782,928	'
Minimum percentage of proved reserves sold to be considered a significant alteration (in hundredths)	'	'	25.00%	'	'
Capitalized costs related to expired leases subject to depletion	7,800,000	3,300,000	20,000,000	11,300,000	'
Discount rate (in hundredths)	'	'	10.00%	'	'
Debt Issuance Costs [Abstract]	'	'	'	'	'
Amortization of debt issuance costs	709,644	706,602	2,053,879	1,867,482	'
Rate of Senior notes (in hundredths)	8.00%	8.00%	8.00%	8.00%	8.00%
Amortization of bond premium	371,681	371,681	1,115,044	588,496	'
Income Taxes [Abstract]	'	'	'	'	'
Valuation allowance	0	'	0	'	0
Net Income Per Common Share [Abstract]	'	'	'	'	'
Weighted Average Common Shares Outstanding - Basic (in shares)	60,559,827	62,426,341	60,753,752	62,750,952	'
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock (in shares)	176,675	332,037	196,889	391,286	'
Weighted Average Common Shares Outstanding - Diluted (in shares)	60,736,502	62,758,378	60,950,641	63,142,238	'
Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect (in shares)	5,064	2,290	6,346	9,295	'
Impairment [Abstract]	'	'	'	'	'
Asset Impairment Charges	'	'	0	0	'
Senior Unsecured Notes [Member]	'	'	'	'	'
Debt Issuance Costs [Abstract]	'	'	'	'	'
Capitalized costs in connection with debt	$10,500,000	'	$10,500,000	'	'
Rate of Senior notes (in hundredths)	8.00%	'	8.00%	'	'
Minimum [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Property and equipment, estimated useful lives	'	'	'3 years	'	'
Maximum [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Property and equipment, estimated useful lives	'	'	'7 years	'	'

CRUDE_OIL_AND_NATURAL_GAS_PROP1

CRUDE OIL AND NATURAL GAS PROPERTIES (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
	acre	acre
	PlannedWells
Acquisitions [Abstract]	'	'
Capital expenditures incurred but not yet paid	$211,200,000	$163,000,000
Mineral acres acquired, net (in acres)	17,050	'
Average acquisition cost per net acre	1,586	'
Productive oil and gas wells, Number of wells, Gross	123	'
Productive oil and gas wells, Number of wells, Net	10	'
Productive Oil and Gas Wells, Cost	$10,300,000	'
Unproved Properties [Abstract]	'	'
Unproven leasehold interests (in net acres)	57,500	60,600
Anticipated future period over which excluded costs will become subject to depletion	'5 years	'

REVOLVING_CREDIT_FACILITY_AND_1

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Sep. 30, 2014

In Millions, unless otherwise specified

Revolving Credit Facility [Member]

Minimum [Member]

Maximum [Member]

8% Senior Notes Due 2020 [Member]

LIBOR Loans [Member]

Alternate Base Rate Loans [Member]

Revolving Credit Facility [Member]

Minimum [Member]

Maximum [Member]

Revolving Credit Facility [Member]

Minimum [Member]

Maximum [Member]

Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Revolving credit facility, maximum borrowing

$750

Borrowing base

550

Borrowings under Credit Facility

228

Remaining borrowing capacity of Credit Facility

322

Percent of total additional permitted borrowing (in hundredths)

25.00%

Permitted additional indebtedness

500

Revolving credit facility, maturity date

30-Sep-18

Credit Facility interest rate description

'Borrowings under the Revolving Credit Facility can either be at the Alternate Base Rate (as defined) plus a spread ranging from 0.5% to 1.5% or LIBOR borrowings at the Adjusted LIBOR Rate (as defined) plus a spread ranging from 1.5% to 2.5%. The applicable spread at any time is dependent upon the amount of borrowings relative to the borrowing base at such time. The Company may elect, from time to time, to convert all or any part of its LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. A commitment fee is paid on the undrawn balance based on an annual rate of either 0.375% or 0.50%. At September 30, 2014, the commitment fee was 0.375% and the interest rate margin was 1.75% on LIBOR loans and 0.75% on base rate loans.

Commitment fee percentage (in hundredths)

0.38%

0.50%

0.38%

Interest rate margin in effect during period (in hundredths)

1.75%

1.50%

2.50%

0.75%

0.50%

1.50%

Commitment fee, description

'A commitment fee is paid on the undrawn balance based on an annual rate of either 0.375% or 0.50%.

Credit facility covenants

'The Revolving Credit Facility contains negative covenants that limit the Companybs ability, among other things, to pay any cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of its business or operations, merge, consolidate, or make investments. In addition, the Company is required to maintain a current ratio (as defined in the credit agreement) of no less than 1.0 to 1.0.

Line of credit facility covenant terms current ratio

Principal amount of senior unsecured notes

300

Rate of senior unsecured notes (in hundredths)

8.00%

Maturity date

1-Jun-20

Price of senior unsecured notes (in hundredths)

105.25%

Additional amount of senior unsecured notes

200

Net proceeds from issuance of senior unsecured notes

291.2

Additional net proceeds from issuance of senior unsecured notes

200.1

Percentage of notes that can be redeemed (in hundredths)

35.00%

Rate of redemption price of notes (in hundredths)

108.00%

Limitation (in number of days) to redeemed the notes

'180 days

Limitation (in percentage of aggregate principal amount of Notes) to redeemed the notes

65.00%

Percentage of notes at redemption prices for prior to June 1, 2016 (in hundredths)

100.00%

Percentage of notes at redemption prices for the twelve-month period beginning on June 1, 2016 (in hundredths)

104.00%

Percentage of notes at redemption prices for the twelve-month period beginning on June 1, 2017 (in hundredths)

102.00%

Percentage of notes at redemption prices for beginning on June 1, 2018 (in hundredths)

100.00%

Number of days in default payment of interest

'30 days

Payment of certain final judgments

$25

Number of days related to payment certain final judgments

'60 days

COMMON_AND_PREFERRED_STOCK_Det

COMMON AND PREFERRED STOCK (Details) (USD $)	9 Months Ended	12 Months Ended	3 Months Ended	9 Months Ended			9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
	Class		Performance Stock [Member]	Performance Stock [Member]	Performance Stock [Member]	Performance Stock [Member]	Director [Member]
					Minimum [Member]	Maximum [Member]
COMMON AND PREFERRED STOCK [Abstract]	'	'	'	'	'	'	'
Total shares of preferred and common stock authorized for issuance (in shares)	100,000,000	'	'	'	'	'	'
Number of classes of shares	2	'	'	'	'	'	'
Common stock, shares authorized (in shares)	95,000,000	95,000,000	'	'	'	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00	'	'	'	'	'
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	'	'	'	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00	'	'	'	'	'
Changes in number of common stock shares [Roll forward]	'	'	'	'	'	'	'
Beginning Balance (in shares)	61,858,199	63,532,622	'	'	'	'	'
Stock-Based Compensation (in shares)	0	57,371	'	'	'	'	'
Stock Options Exercised (in shares)	100,000	10,091	'	'	'	'	100,000
Restricted Stock Grants (Note 6) (in shares)	156,960	353,596	'	'	'	'	'
Stock Repurchased (in shares)	-1,018,897	-2,036,383	'	'	'	'	'
Other Surrenders (in shares)	-69,589	-59,098	'	'	'	'	'
Ending Balance (in shares)	61,026,673	61,858,199	'	'	'	'	'
Stock Activity [Abstract]	'	'	'	'	'	'	'
Common stock surrendered by certain employees to cover tax obligations (in shares)	33,963	'	'	'	'	'	'
Fair value of common stock surrendered by certain employees to cover tax obligations	$507,000	'	'	'	'	'	'
Stock Repurchase Program [Abstract]	'	'	'	'	'	'	'
Stock repurchase program, amount approved	150,000,000	'	'	'	'	'	'
Treasury stock, repurchased and retired	13,700,000	'	'	'	'	'	'
Performance Stock [Abstract]	'	'	'	'	'	'	'
Participant's earning percentage (in hundredths)	'	'	'	'	0.00%	180.00%	'
Vesting Period	'	'	'3 years	'	'	'	'
Maximum dollar amount of performance shares issuable	'	'	'	'	'	3,100,000	'
Compensation Expense	'	'	100,000	400,000	'	'	'
Stock options exercised (in shares)	100,000	10,091	'	'	'	'	100,000
Shares surrendered to cover aggregate exercise price (in shares)	'	'	'	'	'	'	35,626
Aggregate exercise price of stock surrendered	'	'	'	'	'	'	$518,000

STOCK_OPTIONSSTOCKBASED_COMPEN2

STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
2009 Equity Incentive Plan [Member]	'
Stock Option Awards [Abstract]	'
Shares granted (in shares)	0
2006 Incentive Stock Option Plan [Member]	'
Stock Option Awards [Abstract]	'
Shares granted (in shares)	0
2013 Equity Incentive Plan [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Additional shares were authorized for grant (in shares)	1,500,000
Restricted Stock Awards [Member]	'
Restricted Stock Awards [Abstract]	'
Unrecognized compensation expense	5,100,000
Percent of forfeiture rate assumed for restricted stock (in hundredths)	0.00%
Restricted Stock Awards Activity [Roll forward]	'
Restricted Shares Outstanding at the Beginning of Period (in shares)	592,565
Shares Granted (in shares)	156,960
Lapse of Restrictions (in shares)	-284,406
Restricted Shares Outstanding at the End of Period (in shares)	465,119
Restricted Stock Awards, Additional Disclosures [Abstract]	'
Restricted Shares Outstanding, Weighted-Average Price at the Beginning of Period (in dollars per share)	16.84
Shares Granted, Weighted-Average Price (in dollars per share)	14.08
Lapse of Restrictions, Weighted-Average Price (in dollars per share)	17.97
Restricted Shares Outstanding, Weighted-Average Price at the End of Period (in dollars per share)	15.22
Currently Outstanding Options [Abstract]	'
Unvested options outstanding (in shares)	465,119
Stock Option Awards [Member]	'
Restricted Stock Awards Activity [Roll forward]	'
Restricted Shares Outstanding at the End of Period (in shares)	0
Stock Option Awards [Abstract]	'
Options remain outstanding but unexercised (in shares)	141,872
Currently Outstanding Options [Abstract]	'
Forfeited (in shares)	0
Options expired during period (in shares)	0
Exercisable (in shares)	141,872
Share-based compensation expense	0
Unvested options outstanding (in shares)	0
Stock Option Awards [Member] \| 2006 Incentive Stock Option Plan [Member]	'
Stock Option Awards [Abstract]	'
Shares granted (in shares)	560,000
Shares granted (in dollars per share)	5.18
Stock Option Awards [Member] \| Directors [Member] \| 2006 Incentive Stock Option Plan [Member]	'
Stock Option Awards [Abstract]	'
Shares granted (in shares)	500,000
Stock Option Awards [Member] \| Employee [Member] \| 2006 Incentive Stock Option Plan [Member]	'
Stock Option Awards [Abstract]	'
Shares granted (in shares)	60,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Emerald [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	Well	Sep. 30, 2013	Dec. 31, 2013
Emerald [Member]	'	'	'
Related Party Transaction [Line Items]	'	'	'
Number of producing wells, gross	36	'	'
Number of producing wells, net	6.9	'	'
Number of drilling or awaiting completion wells, gross	10	'	'
Number of drilling or awaiting completion wells, net	1	'	'
Number of producing and drilling wells, gross	46	'	'
Estimated total drilling and completion cost of wells attributable to entity	$78	'	'
Percentage interest that one of the Company's directors owned (in hundredths)	5.00%	'	'
Accounts receivable from related parties	2.4	'	4.6
Accounts payable to related parties	12.9	'	23.2
Revenue from related party transactions	$18.70	$0	'

COMMITMENTS_CONTINGENCIES_Deta

COMMITMENTS & CONTINGENCIES (Details) (USD $)	9 Months Ended	75 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014
COMMITMENTS & CONTINGENCIES [Abstract]	'	'
General and administrative expense included in dispute settlement expenses	$0.60	'
Estimated reversal of revenue	$0.10	$1.70

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
INCOME TAXES (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income tax provision [Abstract]	'	'	'	'	'	'	'	'
Current Income Taxes	$0	$0	$0	$4,614	'	'	'	'
Deferred Income Taxes [Abstract]	'	'	'	'	'	'	'	'
Federal	32,562,000	956,000	33,797,000	19,925,000	'	'	'	'
State	2,488,000	72,000	2,603,000	1,333,000	'	'	'	'
Total Provision	35,050,000	1,028,000	36,400,000	21,262,614	'	'	'	'
Minimum amount tax benefits likely realized upon settlement percentage (in hundredths)	50.00%	'	50.00%	'	'	'	'	'
Unrecognized tax benefits	0	'	0	'	'	'	'	'
Unrecognized tax benefits, income tax penalties and interest expense	0	0	0	0	'	'	'	'
Unrecognized tax benefits, interest and penalties accrued	$0	'	$0	'	$0	'	'	'
Open tax years	'	'	'	'	'2013	'2012	'2011	'2010

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Transfers between Level 1 and Level 2	$0	'
Fair Value, Measurements, Recurring [Member] \| Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Commodity Derivatives - Current Asset (crude oil swaps and collars)	0	0
Commodity Derivatives - Current Liability (crude oil swaps and collars)	0	0
Commodity Derivatives - Non - Current Asset (crude oil swaps)	0	0
Commodity Derivatives - Non-Current Liability (crude oil swaptions)	0	0
Total	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Commodity Derivatives - Current Asset (crude oil swaps and collars)	3,849,629	62,890
Commodity Derivatives - Current Liability (crude oil swaps and collars)	-531,246	-19,119,646
Commodity Derivatives - Non - Current Asset (crude oil swaps)	6,142,424	1,745,405
Commodity Derivatives - Non-Current Liability (crude oil swaptions)	-1,975,681	-637,208
Total	7,485,126	-17,948,559
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Commodity Derivatives - Current Asset (crude oil swaps and collars)	0	0
Commodity Derivatives - Current Liability (crude oil swaps and collars)	0	0
Commodity Derivatives - Non - Current Asset (crude oil swaps)	0	0
Commodity Derivatives - Non-Current Liability (crude oil swaptions)	0	0
Total	$0	$0

FAIR_VALUE_Part_2_Details

FAIR VALUE, Part 2 (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Senior unsecured notes	$508.40	$509.50
Revolving credit facility	228	75
Estimated Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Senior unsecured notes	512.5	527.5
Revolving credit facility	$228	$75

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
FINANCIAL INSTRUMENTS [Abstract]	'	'
Allowance for doubtful accounts	$2.10	$1.10

DERIVATIVE_INSTRUMENTS_AND_PRI2

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Volumes (Bbl)	5,800,000		'	5,800,000		'
Weighted Average Price (in dollars per barrel)	$89.57		'	$89.57		'
Notional volume barrels per month (in barrels)	'		'	90,000		'
Increase in derivative contracts (in barrels)	'		'	90,000		'
Average price per barrel (in dollars per barrel)	'		'	91		'
Oil Swap 1 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	91.65		'	91.65		'
Oil Swap 1 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 1 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 2 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	120,000		'
Fixed Price (in dollars per barrel)	88.55		'	88.55		'
Oil Swap 2 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 2 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 3 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	120,000		'
Fixed Price (in dollars per barrel)	88.6		'	88.6		'
Oil Swap 3 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 3 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 4 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	120,000		'
Fixed Price (in dollars per barrel)	88.4		'	88.4		'
Oil Swap 4 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 4 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 5 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	120,000		'
Fixed Price (in dollars per barrel)	88.5		'	88.5		'
Oil Swap 5 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 5 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 6 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	30,000		'
Fixed Price (in dollars per barrel)	91.35		'	91.35		'
Oil Swap 6 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 6 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 7 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	30,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 7 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 7 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 8 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	90.15		'	90.15		'
Oil Swap 8 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 8 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 9 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	91		'	91		'
Oil Swap 9 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 9 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 10 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	30,000		'
Fixed Price (in dollars per barrel)	93		'	93		'
Oil Swap 10 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 10 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 11 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 11 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 11 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 12 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 12 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 12 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 13 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	93.5		'	93.5		'
Oil Swap 13 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 13 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 14 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	15,000		'
Fixed Price (in dollars per barrel)	90.58		'	90.58		'
Oil Swap 14 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 14 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Oil Swap 15 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	390,000		'
Fixed Price (in dollars per barrel)	89.15		'	89.15		'
Oil Swap 15 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Oil Swap 15 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 16 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	90.5		'	90.5		'
Oil Swap 16 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 16 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 17 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000		'
Fixed Price (in dollars per barrel)	88.55		'	88.55		'
Oil Swap 17 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 17 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 18 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000		'
Fixed Price (in dollars per barrel)	88		'	88		'
Oil Swap 18 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 18 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 19 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	90.75		'	90.75		'
Oil Swap 19 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 19 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 20 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Fixed Price (in dollars per barrel)	90.25		'	90.25		'
Oil Swap 20 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 20 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 21 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	90,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 21 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 21 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 22 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	90,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 22 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 22 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-15		'
Oil Swap 23 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	720,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 23 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 23 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15		'
Oil Swap 24 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	360,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 24 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 24 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15		'
Oil Swap 25 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	360,000		'
Fixed Price (in dollars per barrel)	89.02		'	89.02		'
Oil Swap 25 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 25 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15		'
Oil Swap 26 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 26 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 26 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15		'
Oil Swap 27 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 27 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-15		'
Oil Swap 27 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15		'
Oil Swap 28 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000	[1]	'
Fixed Price (in dollars per barrel)	90.75	[1]	'	90.75	[1]	'
Oil Swap 28 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jul-15	[1]	'
Oil Swap 28 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15	[1]	'
Oil Swap 29 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000	[1]	'
Fixed Price (in dollars per barrel)	91	[1]	'	91	[1]	'
Oil Swap 29 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jul-15	[1]	'
Oil Swap 29 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15	[1]	'
Oil Swap 30 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000	[1]	'
Fixed Price (in dollars per barrel)	91.25	[1]	'	91.25	[1]	'
Oil Swap 30 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jul-15	[1]	'
Oil Swap 30 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-15	[1]	'
Oil Swap 31 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	360,000		'
Fixed Price (in dollars per barrel)	89		'	89		'
Oil Swap 31 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jul-15		'
Oil Swap 31 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-16		'
Oil Swap 32 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	360,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 32 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jul-15		'
Oil Swap 32 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-16		'
Oil Swap 33 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	360,000		'
Fixed Price (in dollars per barrel)	91		'	91		'
Oil Swap 33 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jul-15		'
Oil Swap 33 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-16		'
Oil Swap 34 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	180,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 34 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-16		'
Oil Swap 34 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-16		'
Oil Swap 35 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	90,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 35 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-16		'
Oil Swap 35 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-16		'
Oil Swap 36 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	90,000		'
Fixed Price (in dollars per barrel)	90		'	90		'
Oil Swap 36 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Jan-16		'
Oil Swap 36 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	30-Jun-16		'
Open Commodity Swap 1 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Volumes (Bbl)	975,000		'	975,000		'
Weighted Average Price (in dollars per barrel)	$89.77		'	$89.77		'
Open Commodity Swap 2 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Volumes (Bbl)	3,960,000		'	3,960,000		'
Weighted Average Price (in dollars per barrel)	$89.43		'	$89.43		'
Open Commodity Swap 3 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Volumes (Bbl)	900,000		'	900,000		'
Weighted Average Price (in dollars per barrel)	$90		'	$90		'
Collar 1 [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Oil (in barrels)	'		'	60,000		'
Price minimum (in dollars per barrel)	$90		'	$90		'
Price maximum (in dollars per barrel)	$99.05		'	$99.05		'
Collar 1 [Member] \| Minimum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	1-Oct-14		'
Collar 1 [Member] \| Maximum [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Settlement Period	'		'	31-Dec-14		'
Not Designated as Hedging Instrument [Member]	'		'	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'	'		'
Realized gain (loss) on price risk derivatives not designated as hedges	($7,017,599)		($8,096,075)	($25,084,349)		($8,966,175)
Unrealized gain (loss) on price risk derivatives not designated as hedges	$68,600,900		($29,353,161)	$25,433,684		($27,254,147)

[1]	The Company has entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for an additional six-month period. Options covering a notional volume of 90,000 barrels per month are exercisable on or about December 31, 2015. If the counterparties exercise all such options, the notional volume of the Company's existing crude oil derivative contracts will increase by 90,000 barrels per month at an average price of $ 91.00 per barrel for each month during the period January 1, 2016 through June 30, 2016.

DERIVATIVE_INSTRUMENTS_AND_PRI3

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT, Part 2 (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Derivative Assets [Abstract]	'	'
Derivative Assets, Current	$3,849,629	$62,890
Derivative Assets, Noncurrent	6,142,424	1,745,405
Derivative Liabilities [Abstract]	'	'
Derivative Liabilities, Current	-531,246	-19,119,646
Derivative Liabilities, Noncurrent	-1,975,681	-637,208
Total Derivatives Liabilities	-2,506,927	-19,756,854
Total Assets [Member]	'	'
Derivative Assets [Abstract]	'	'
Total Derivatives Assets	9,992,053	1,808,295
Swap Contracts [Member] \| Current Assets/Liabilities [Member]	'	'
Derivative Assets [Abstract]	'	'
Derivative Assets, Current	3,770,110	62,890
Derivative Liabilities [Abstract]	'	'
Derivative Liabilities, Current	-531,246	-19,111,820
Swap Contracts [Member] \| Non-Current Assets/Liabilities [Member]	'	'
Derivative Assets [Abstract]	'	'
Derivative Assets, Noncurrent	6,142,424	1,745,405
Derivative Liabilities [Abstract]	'	'
Derivative Liabilities, Noncurrent	0	-637,208
Costless Collars [Member] \| Current Assets/Liabilities [Member]	'	'
Derivative Assets [Abstract]	'	'
Derivative Assets, Current	79,519	0
Derivative Liabilities [Abstract]	'	'
Derivative Liabilities, Current	0	-7,826
Swaption Contracts [Member] \| Non-Current Assets/Liabilities [Member]	'	'
Derivative Liabilities [Abstract]	'	'
Derivative Liabilities, Noncurrent	($1,975,681)	$0

DERIVATIVE_INSTRUMENTS_AND_PRI4

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT, Part 3 (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Offsetting Assets [Line Items]	'	'
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets	$10,569,809	$3,218,257
Gross Amounts Offset in the Balance Sheet, Offsetting of Derivative Assets	-577,756	-1,409,962
Net Amounts of Assets Presented in the Balance Sheet, Offsetting of Derivative Assets	9,992,053	1,808,295
Offsetting Liabilities [Line Items]	'	'
Gross Amounts of Recognized Assets, Offsetting of Derivative Liabilities	-3,084,683	-21,166,816
Gross Amounts Offset in the Balance Sheet, Offsetting of Derivative Liabilities	577,756	1,409,962
Net Amount of Assets Presented in the Balance Sheet, Offsetting of Derivative Liabilities	-2,506,927	-19,756,854
Current Assets [Member]	'	'
Offsetting Assets [Line Items]	'	'
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets	4,427,385	629,178
Gross Amounts Offset in the Balance Sheet, Offsetting of Derivative Assets	-577,756	-566,288
Net Amounts of Assets Presented in the Balance Sheet, Offsetting of Derivative Assets	3,849,629	62,890
Non Current Assets [Member]	'	'
Offsetting Assets [Line Items]	'	'
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets	6,142,424	2,589,079
Gross Amounts Offset in the Balance Sheet, Offsetting of Derivative Assets	0	-843,674
Net Amounts of Assets Presented in the Balance Sheet, Offsetting of Derivative Assets	6,142,424	1,745,405
Current Liabilities [Member]	'	'
Offsetting Liabilities [Line Items]	'	'
Gross Amounts of Recognized Assets, Offsetting of Derivative Liabilities	-1,109,002	-19,685,934
Gross Amounts Offset in the Balance Sheet, Offsetting of Derivative Liabilities	577,756	566,288
Net Amount of Assets Presented in the Balance Sheet, Offsetting of Derivative Liabilities	-531,246	-19,119,646
Non Current Liabilities [Member]	'	'
Offsetting Liabilities [Line Items]	'	'
Gross Amounts of Recognized Assets, Offsetting of Derivative Liabilities	-1,975,681	-1,480,882
Gross Amounts Offset in the Balance Sheet, Offsetting of Derivative Liabilities	0	843,674
Net Amount of Assets Presented in the Balance Sheet, Offsetting of Derivative Liabilities	($1,975,681)	($637,208)