American Eagle Energy 10-Q 4 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'AMERICAN EAGLE ENERGY Corp	'
Entity Central Index Key	'0001282613	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	30,448,185
Trading Symbol	'AMZG	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash	$22,187,502	$31,850,161
Trade receivables	21,054,292	17,919,518
Income tax receivable	25,000	0
Prepaid expenses	124,727	68,194
Total current assets	43,391,521	49,837,873
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $390,261 and $322,437, respectively	296,950	173,516
Oil and gas properties, full-cost method - subject to amortization, net of accumulated depletion of $22,236,408 and $12,849,063, respectively	265,552,093	155,145,039
Oil and gas properties, full-cost method - not subject to amortization	2,487,322	2,487,158
Marketable securities	1,418,446	1,049,944
Other assets	6,740,115	7,503,612
Total assets	319,886,447	216,197,142
Current liabilities:	'	'
Accounts payable and accrued liabilities	65,573,253	41,842,068
Derivative liability	3,959,643	64,737
Current portion of long-term debt	108,000,000	3,000,000
Total current liabilities	177,532,896	44,906,805
Asset retirement obligation	1,405,488	1,059,689
Noncurrent portion of long-term debt	0	105,000,000
Noncurrent derivative liability	4,878,187	749,872
Deferred taxes	2,650,619	5,385,954
Total liabilities	186,467,190	157,102,320
Stockholders' equity:	'	'
Common stock, $.001 par value, 48,611,111 shares authorized, 30,436,766 and 17,712,151 shares outstanding	30,437	17,712
Additional paid-in capital	146,381,963	67,197,521
Accumulated other comprehensive income (loss)	49,783	-5,747
Accumulated deficit	-13,042,926	-8,114,664
Total stockholders' equity	133,419,257	59,094,822
Total liabilities and stockholders' equity	$319,886,447	$216,197,142

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	Jun. 30, 2014	Dec. 31, 2013
Equipment and leasehold improvements, accumulated depreciation and amortization	$390,261	$322,437
Oil and gas properties - subject to amortization, accumulated depletion	$22,236,408	$12,849,063
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	48,611,111	48,611,111
Common stock, shares outstanding (in shares)	30,436,766	17,712,151

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Oil and gas sales	$16,462,664	$10,369,993	$29,008,143	$17,998,700
Operating expenses:	'	'	'	'
Oil and gas production costs	5,200,481	2,953,522	8,853,357	4,602,056
General and administrative	1,662,493	1,260,329	3,680,031	2,567,662
Depletion, depreciation and amortization	5,706,588	2,116,378	9,342,507	3,391,301
Impairment of oil and gas properties, subject to amortization	0	0	0	1,525,027
Total operating expenses	12,569,562	6,330,229	21,875,895	12,086,046
Total operating income	3,893,102	4,039,764	7,132,248	5,912,654
Interest income	0	1,472	642	4,628
Dividend income	11,685	16,982	27,481	34,222
Interest expense	-3,250,568	-414,797	-6,465,520	-833,137
Losses on settlement of derivatives	-457,008	0	-341,360	0
Change in fair value of derivatives	-6,200,119	186,754	-8,023,221	159,247
Income (loss) before taxes	-6,002,908	3,830,175	-7,669,730	5,277,614
Income tax expense (benefit)	-2,103,093	1,192,691	-2,741,468	2,284,783
Net income (loss)	-3,899,815	2,637,484	-4,928,262	2,992,831
Net income (loss) per common share:	'	'	'	'
Basic (in dollars per share)	($0.13)	$0.21	($0.20)	$0.24
Diluted (in dollars per share)	($0.13)	$0.20	($0.20)	$0.23
Weighted average number of shares outstanding -	'	'	'	'
Basic (in shares)	30,436,424	12,517,087	24,529,013	12,494,987
Diluted (in shares)	30,436,424	12,992,218	24,529,013	12,944,561
Net income (loss)	-3,899,815	2,637,484	-4,928,262	2,992,831
Other comprehensive income (loss), net of tax:	'	'	'	'
Unrealized foreign exchange gains (losses)	-272,769	42,220	-116,573	12,783
Unrealized gains (losses) on securities	214,963	-32,999	172,103	-33,817
Total other comprehensive income (loss), net of tax	-57,806	9,221	55,530	-21,034
Comprehensive income (loss)	($3,957,621)	$2,646,705	($4,872,732)	$2,971,797

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows provided by operating activities:	'	'
Net income (loss)	($4,928,262)	$2,992,831
Non-cash transactions:	'	'
Stock-based compensation	898,674	524,520
Depletion, depreciation and amortization	9,342,507	3,391,301
Accretion of discount on asset retirement obligation	51,491	27,303
Amortization of deferred financing costs	763,497	112,175
Provision for deferred income tax expense (benefit)	-2,735,335	2,278,509
Impairment of oil and gas properties	0	1,525,027
Change in fair value of derivatives	8,023,221	-159,247
Foreign currency transaction gains	0	2,121
Changes in operating assets and liabilities:	'	'
Prepaid expense	-56,484	-199,492
Trade receivables	-3,612,973	-1,255,617
Income taxes receivable	-25,000	0
Accounts payable and accrued liabilities	1,512,529	4,621,105
Net cash provided by operating activities	9,233,865	13,860,536
Cash flows used for investing activities:	'	'
Additions to oil and gas properties	-96,784,537	-16,986,731
Additions to equipment and leasehold improvements	-191,258	-10,318
Decrease in amounts due to Carry Agreement partner	0	-2,283,973
Purchase of marketable securities	-196,400	0
Net cash used for investing activities	-97,172,195	-19,281,022
Cash flows provided by financing activities:	'	'
Proceeds from issuance of stock	78,298,493	4,000,000
Proceeds from issuance of long-term debt	0	2,000,000
Repayment of long-term debt	0	-2,611,463
Net cash provided by financing activities	78,298,493	3,388,537
Effect of exchange rate changes on cash	-22,822	26,278
Net change in cash	-9,662,659	-2,005,671
Cash - beginning of period	31,850,161	19,057,727
Cash - end of period	$22,187,502	$17,052,056

Description_of_Business

Description of Business	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
		1	Description of Business
	American Eagle Energy Corporation (the “Company”) was incorporated in the state of Nevada in March 2003 under the name Golden Hope Resources. In July 2005, the Company changed its name to Eternal Energy Corp. In December 2011, the Company changed its name to American Eagle Energy Corporation, in connection with its acquisition of, and merger with, American Eagle Energy Inc.
	The Company engages in the acquisition, exploration and development of oil and gas properties, and is primarily focused on extracting proved oil reserves from those properties. As of June 30, 2014, the Company had entered into participation agreements related to oil and gas exploration and development projects in the Spyglass Area, located in Divide County, North Dakota, and Sheridan County, Montana, and the Hardy Property, located in southeastern Saskatchewan, Canada. In addition, the Company owns working interests in mineral leases located in Richland, Roosevelt and Toole Counties in Montana.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2	Summary of Significant Accounting Policies
	Interim Financial Information
	The unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles for interim financial statements in accordance with Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation have been included. Operating results for the three-month and six-month periods ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ended December 31, 2014. The condensed, consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013. The December 31, 2013 condensed consolidated balance sheet was derived from audited financial statements.
	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, AMZG, Inc., EERG Energy ULC (Canadian) and AEE Canada Inc. (Canadian). All material intercompany accounts, transactions and profits have been eliminated.
	Certain reclassifications have been made to prior year balances to conform to the current year’s presentation. Such reclassifications had no effect on the Company’s net income for the prior period.

Marketable_Securities_and_Fair

Marketable Securities and Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Text Block]	'
	3	Marketable Securities and Fair Value of Financial Instruments
	Available-for-sale marketable securities at June 30, 2014 and December 31, 2013 consist of the following:
					Gains in		Losses in
					Accumulated		Accumulated
			Estimated		Other		Other
			Fair		Comprehensive		Comprehensive
			Value		Income		Income
	30-Jun-14
	Noncurrent assets:
	Common stock		$	1,418,446	$	187,446	$	-
	31-Dec-13
	Noncurrent assets:
	Common stock		$	1,049,944	$	76,881	$	-
	The fair value of all securities is determined by quoted market prices. There were no sales of marketable securities during the three-month or six month periods ended June 30, 2014.
	Fair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 or 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 inputs are inputs that are not observable in the market.
	The fair value of the Company’s financial instruments, measured on a recurring basis at June 30, 2014 and December 31, 2013, were as follows:
			Level 1		Level 2		Level 3		Total
	30-Jun-14
	Marketable securities		$	1,418,446	$	-	$	-	$	1,418,446
	Current derivative liability			-		-3,959,643		-		-3,959,643
	Noncurrent derivative liability			-		-4,878,187		-		-4,878,187
	31-Dec-13
	Marketable securities		$	1,049,944	$	-	$	-	$	1,049,944
	Current derivative asset			-		210,779		-		210,779
	Current derivative liability			-		-275,516		-		-275,516
	Noncurrent derivative liability			-		-749,872		-		-749,872

Purchases_of_Property_Interest

Purchases of Property Interests	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible Assets Disclosure [Text Block]	'
		4	Purchases of Property Interests
	In January 2013, the Company purchased additional net revenue and working interests in several key, non-operated spacing units within the Spyglass Area from SM Energy Company. The purchase price totaled approximately $3.9 million in cash, which was paid at closing.
	In October 2013, the Company purchased additional net revenue and working interests in proved producing and proved undeveloped properties located within the Spyglass Area from a certain working interest partner. The transaction closed on October 2, 2013 with an effective date of June 1, 2013. The gross purchase price for the acquired interests totaled $47 million. The net purchase prices, after taking into consideration revenues and operating expenses associated with the acquired interests from the period June 1, 2013 through the closing date, totaled $41.4 million. To finance the acquisition, the Company sold shares of its common stock, through two public offerings (See Note 11), and borrowed an additional $40 million under its existing credit facility with Morgan Stanley Capital Group, Inc. (“MSCG”)(See Note 8). The agreement contained the option to purchase additional net revenue and working interests in the same producing and proved undeveloped properties at a later date.
	In March 2014, the Company exercised its option to purchase the additional net revenue and working interests in proved producing and proved undeveloped properties located within the Spyglass Area from the same working interest partner. The transaction closed on March 26, 2014 with an effective date of June 1, 2013. The gross purchase price for the acquired interests totaled $47 million. The purchase price is subject to adjustments for revenues, operating expenses and capital expenditures associated with the acquired interests from the period June 1, 2013 through the closing date. The acquisition of the additional net revenue and working interests was funded with proceeds received from a March 2014 public offering, as discussed in Note 11).
	Supplemental Pro Forma Information (Unaudited)
	The Company’s condensed consolidated statements of income for the three-month and six-month periods ended June 30, 2014 include revenues and oil and gas operating expenses related to the net revenue and working interests acquired via the exercise of the purchase option, for the period April 1, 2014 through June 30, 2014.
	Had the purchase of these additional net revenue and working interests occurred on January 1, 2013, the Company’s consolidated financial statements for the six-month periods ended June 30, 2014 and 2013 would have been as follows:
			2014		2013
	Pro forma revenues		$	32,182,138	$	20,182,301
	Pro forma net income (loss)		$	-4,420,703	$	2,291,484
	Pro forma income (loss) per share - basic		$	-0.16	$	0.09
	Pro forma income (loss) per share – diluted		$	-0.16	$	0.09
	The acquisition of the working interests could not have been completed without an initial acquisition of related working interests that occurred in October 2013. Accordingly, the pro forma effect of the initial acquisition of working interests has also been included in the pro forma information presented above for the six-month period ended June 30, 2013.
	Also in March 2014, the Company acquired certain undeveloped acreage from the same working interest partner at a price of approximately $7.5 million.

Carry_Agreement

Carry Agreement	6 Months Ended
	Jun. 30, 2014
Carry Agreement [Abstract]	'
Carry Agreement Disclosure [Text Block]	'
	5	Carry Agreement
	On April 16, 2012, the Company entered into a Carry Agreement with a third-party working interest partner (the “Carry Agreement Partner”), pursuant to which (i) the Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to six new oil and gas wells within our Spyglass Area, up to 120% of the original AFE amount, and (ii) the Company agreed to convey, for a limited duration, a portion of its revenue interest in the pre-payout revenues of each carried well and a portion of its working interest in the pre-payout operating costs of each carried well, to the Carry Agreement Partner. In the event that the gross drilling and completion cost of a carried well exceeds 120% of the AFE amount, the Company and the Carry Agreement Partner would share in the excess costs based on the working interests stipulated in the Carry Agreement.
	Pursuant to the terms of the Carry Agreement, the portion of the Company’s net revenue interest in each well to be conveyed to the Carry Agreement Partner followed a graduated scale, whereby 50% of the Company’s net revenue and working interests are assigned to the Carry Agreement Partner during the first year of the well’s production or until the carried costs, plus the 12% return, have been achieved, whichever occurs first. In the event that the Carry Agreement Partner had not recouped all of the carried costs plus the 12% return by the end of the first year of production, the assignment of the Company’s net revenue and working interests in the well would increase from 50% to 75% for the second year of production or until the carried costs, plus the 12% return, had been achieved, whichever occurs first. In the event that the Carry Agreement Partner had not recouped all of the carried costs, plus the 12% return, by the end of the second year of production, the assignment of the Company’s net revenue and working interests in the well would increase to 100% until the carried costs, plus the 12% return, had been achieved. Once payout has occurred (112% of the costs on a well-by-well basis), the respective working interests in the revenues from each carried well would revert to the original working interests in each such well.
	Effective July 15, 2012, the Company amended the Carry Agreement with the third-party to include an additional four oil and gas wells.
	In August 2013, the Company entered into a second carry agreement (the “Second Carry Agreement”) with the Carry Agreement Partner, pursuant to which (i) that Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to five new oil and gas wells to be located within the Spyglass Area, up to 120% of the original AFE amount, and (ii) the Company agreed to convey, for a limited duration, 50% of its revenue interest in the pre-payout revenues of each carried well and 50% of its working interest in the pre-payout operating costs of each carried well, to the Carry Agreement Partner.  In the event that the gross drilling and completion cost of a carried well exceeds 120% of the AFE amount, the Company and the Carry Agreement Partner will share in the excess costs based on the working interests stipulated in the Carry Agreement.
	Pursuant to the terms of the Second Carry Agreement, 50% of the Company’s net revenue interest in each well will be conveyed to the Carry Agreement Partner for a period of two years or until such a time when the working interest partner has recouped 112% of the carried drilling and completion costs of the well, whichever occurs sooner.  In the event that the Carry Agreement Partner has not recouped 112% of the carried drilling and completion costs by the end of the second year of production, the Company has agreed to make cash payments to the Carry Agreement Partner in the amount of the shortfall.   Once the Carry Agreement Partner has recouped 112% of the carried drilling and completion costs of a well, the conveyed working interest and net revenue interest will revert to the Company.
	As discussed in Note 4, the Company acquired net revenue and working interests associated with certain properties, in March 2014, which included 100% of the net revenue and working interests that had been conveyed to the Carry Agreement Partner, which effectively terminated the Carry Agreement.
	As of June 30, 2014, all five of the wells to be drilled pursuant to the Second Carry Agreement have been completed. To date, the Company has received approximately $15.1 million of funding under the Second Carry Agreement. As of June 30, 2014, the cost of drilling and completing one of the five wells exceeded the 120% of AFE cost threshold. Accordingly, the Company has recorded its portion of excess drilling and completion costs associated with this well, totaling approximately $373,000 as of June 30, 2014. None of the five wells covered by the Second Carry Agreement has achieved payout as of June 30, 2014.

FarmOut_Agreement

Farm-Out Agreement	6 Months Ended
	Jun. 30, 2014
Farm-Out Agreement [Abstract]	'
Farm-Out Agreement Disclosure [Text Block]	'
	6	Farm-Out Agreement
	In August 2013, the Company entered into a Farm-Out Agreement (the “Farm-Out Agreement”) with the Carry Agreement Partner, pursuant to which (i) that Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to six new oil and gas wells to be located within the original Spyglass and West Spyglass sections of the Spyglass Area and (ii) the Company agreed to convey, for a period of time, 100% of its net revenue interest in the pre-payout revenues of each farm-out well and 100% of its working interest in the pre-payout operating costs of each farm-out well, to the Carry Agreement Partner, until such a time when the Carry Agreement Partner has recouped 112% of the drilling and completion costs associated with each well.  Once the Carry Agreement Partner has recouped 112% of the drilling and completion costs of a well, the Carry Agreement Partner will convey 30% of the Company’s original working and net revenue interests in each farm-out well back to the Company.
	As of June 30, 2014, five of the six wells drilled pursuant to the Farm-Out Agreement have been completed. The remaining well is awaiting drilling. None of the six wells covered by the Farm-Out Agreement has achieved payout as of June 30, 2014.

Swap_Facility

Swap Facility	6 Months Ended
	Jun. 30, 2014
Credit Facility [Abstract]	'
Swap Facility [Text Block]	'
	7	Swap Facility
	On December 28, 2012, the Company entered into a prepaid Swap Facility with Macquarie Bank Limited (“MBL”), pursuant to which MBL agreed to advance up to $18 million, of which $16 million was received at closing. The remaining $2 million was received in January 2013.
	Funds received under the Swap Facility were accounted for as debt and were scheduled to be repaid through a series of monthly payments from the sale of approximately 212,000 barrels of oil over the five-year period from January 2013 to December 2017, with a final balloon payment of $2 million, due in February 2018.
	The annual interest rate associated with the Swap Facility approximated 7.4%. The Company recognized interest expense related to the Swap Facility totaling approximately $299,000 and $591,000 for the three-month and six-month periods ended June 30, 2013, respectively.
	The Company incurred investment banking fees and closing costs totaling $780,000 in connection with the negotiation and closing of the MBL Swap Facility. The Company capitalized these items as deferred financing costs, to be amortized over the life of the Swap Facility. The Company recognized approximately $67,000 and $112,000 of amortization expense related to the deferred financing costs for the three-month and six-month periods ended June 30, 2013, respectively. The amortization of deferred loan costs is included as an additional component of interest expense for the respective periods.
	On August 19, 2013, the Company repaid in full the outstanding balance under the Swap Facility using proceeds received from a new Credit Facility (see Note 8). The total payoff amount was approximately $18.0 million, which included 100% of the then outstanding principal balance, the settlement of all outstanding swap agreements, and certain prepayment penalties. The Company recognized a loss on the early extinguishment of debt of approximately $3.7 million, which includes prepayment penalties, the termination of related price swap agreements and the write-off of deferred financing costs associated with the Swap Facility.

Credit_Facility

Credit Facility	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	8	Credit Facility
	In August 2013, the Company entered into a $200 million Credit Facility with MSCG, which is comprised of an initial $68 million term loan (the “Initial Term Loan”), a $40 million term loan to be used to fund certain working interest purchases (the “Spyglass Tranche A Loan”) and an uncommitted term loan of up to $92 million (the “Tranche B Loan”). The Credit Facility is collateralized by, among other things, the Company’s oil and gas properties and future oil and gas sales derived from such properties.
	Proceeds from borrowings under the Initial Term Loan totaling $68 million were used: (i) to repay amounts outstanding under the Swap Facility, thus fully extinguishing the Swap Facility, (ii) to reduce the Company’s payables, (iii) to develop its Spyglass Area in North Dakota to increase production of hydrocarbons, (iv) to acquire new oil and gas properties within the Spyglass Area and (v) to fund general corporate purposes that are usual and customary in the oil and gas exploration and production business.
	Proceeds from borrowings under the Spyglass Tranche A Loan totaling $40 million were used to purchase additional net revenue and working interests in the Spyglass Area (See Note 4).
	The Credit facility has a five-year term and carries a variable interest rate ranging from approximately 5.5% to 10.5%. The variable interest rate is based primarily on the ratio of the Company’s proved developed reserves to its debt for a given period. As of June 30, 2014, the applicable variable interest rate on the Credit Facility was 10.5%. Interest expense related to the Initial Term Loan and Spyglass Tranche A Loan totaled approximately $2.9 million and $5.7 million for the three-month and six-month periods ended June 30, 2014, respectively.
	The Company incurred investment banking fees and closing costs totaling approximately $7.8 million in connection with the negotiation and closing of the Initial Term Loan and Spyglass Tranche A Loan. The Company has capitalized these items as deferred financing costs, and amortizes these costs over the life of the Credit Facility using the effective interest method. The amortization of deferred financing costs is included as a component of the Company’s interest expense for the period. The Company amortized approximately $383,000 and $763,000 of deferred financing costs related to the Credit Facility during the three-month and six-month periods ended June 30, 2014, respectively.
	Scheduled principal repayments under the Credit Facility begin in August 2014. The amount of each monthly principal payment is dependent on the ratio of the present value of the Company’s proved developed reserves, discounted at a rate of 9%, to the amount of borrowing outstanding under the Credit Facility as of certain predetermined dates. The minimum monthly amortization applicable to the Initial Term Loan and the Spyglass Tranche A Loan is $600,000.
	The Credit Facility contains customary affirmative and negative covenants for borrowings of this type, including limitations on the Company with respect to transactions with affiliates, hedging agreements, dividends and distributions, operations in respect of the property that secures its collective obligations under the Credit Facility, liens and encumbrances in respect of the property that secures the Company’s collective obligations under the Credit Facility, subsidiaries and divestitures, indebtedness, investments, and changes in business.
	The Credit Agreement also contains a number of financial covenants, including the maintaining of an adjusted minimum working capital ratio of 1.0. The adjusted minimum working capital ratio is calculated by dividing current assets, less any current derivative assets, by current liabilities, less the current portion of debt outstanding under the Credit Agreement, unpaid deferred loan costs and any current derivative liability. As of June 30, 2014, the Company’s adjusted minimum working capital ratio was less than 1.0. MSGC has waived compliance with the adjusted working capital ratio as of June 30, 2014. The Company is not subject to the measurement of the adjusted current ratio requirement again until September 30, 2014.
	The Company’s management is currently seeking additional, alternative financing that it believes will enable the Company to either comply with the minimum adjusted working capital ratio covenant at September 30, 2014 or to fully repay the outstanding balance of the existing Credit Facility. In the event that the Company is unable to secure alternative financing before then, it is likely that it will be in technical default of the adjusted working capital covenant under the Credit Facility as of September 30, 2014. Accordingly, the Company has classified the entire balance outstanding under the Credit Facility as a current liability on its June 30, 2014 condensed, consolidated balance sheet. The Company’s management does not believe that it will be required to repay the entire amount outstanding under the Credit Facility during the ensuing twelve months.

Price_Swap_Agreements

Price Swap Agreements	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	9	Price Swap Agreements
	As a condition of closing for the Swap Facility (see Note 7), the Company entered into various commodity derivative contracts to mitigate the effects of potential downward pricing on the Company’s oil and gas revenues. The contracts included floating vs. fixed price swaps for the Company’s produced oil. The Company did not designate the price swap agreements as hedges. Accordingly, management elected not to apply hedge accounting to these derivatives but, instead, recognized the changes in the fair value of the price swap agreements in its statement of operations in the period for which such unrealized changes occurred. The Company recognized gains from the change in fair value of the price swap agreements associated with the Swap Facility of approximately $187,000 and $159,000 for the three-month and six-month periods ended June 30, 2013, respectively. These price swaps were closed in August 2013 concurrent with the full repayment of the Swap Facility.
	As a condition of the Credit Facility (see Note 8), the Company is required to enter into commodity price swap agreements covering up to 85% of its projected five-year future production on its proved, developed, producing properties. The Company has not designated the price swap agreements as hedges. Accordingly, management has elected not to apply hedge accounting to these derivatives but will, instead, recognize the changes in the fair value of the price swap agreements in its statement of operations in the period in which such unrealized changes in fair value occur. The Company recognized losses of approximately $457,000 and $341,000 on the settlement of price swap agreements during the three-month and six-month periods ended June 30, 2014. The Company also recognized losses of approximately $6.2 million and $8.0 million due to changes in the fair value of price swap agreements associated with the Credit Facility for the three-month and six-month periods ended June 30, 2014, respectively.
	The Company’s outstanding price swap agreements had the following net fair market values as of June 30, 2014 and December 31, 2013:
			June 30,		December 31,
			2014		2013
	Current derivative asset		$	-	$	210,779
	Current derivative liability			-3,959,643		-275,516
	Noncurrent derivative liability			-4,878,187		-749,872
	Net derivative liability		$	-8,837,830	$	-814,609

Asset_Retirement_Obligation

Asset Retirement Obligation	6 Months Ended
	Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Asset Retirement Obligation Disclosure [Text Block]	'
	10	Asset Retirement Obligation
	The Company has recorded estimated asset retirement obligations for the future plugging and abandonment of operated and non-operated wells within its Spyglass and Hardy Properties. As of June 30, 2014 and December 31, 2013, the Company’s asset retirement obligation approximated $1.4 million and $1.1 million, respectively. The projected plugging dates for wells in which the Company owns a working interest ranges from December 31, 2015 to June 30, 2035.

Equity_Transactions

Equity Transactions	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	11	Equity Transactions
	Reverse Split
	In March 2014, the Company completed a 1-for-4 reverse split of its common stock. Pursuant to accounting guidelines, all historical share and per-share data contained in these financial statements have been restated to reflect the reverse split for all periods presented.
	Private Placement
	In January 2013, the Company sold 1,000,000 shares of its common stock in a private placement at a price of $4.00 per share. Proceeds from the sale totaled $4,000,000.
	Public Offerings
	In August 2013, the Company sold 1,250,000 shares of its common stock in a public offering at a price of $8.00 per share. Proceeds from the sale totaled $9.9 million, net of investment banking fees.
	In October 2013, the Company sold 3,941,449 shares of its common stock at a price of $6.80 per share in two public offerings. The sales were completed pursuant to the then-current shelf registration, which was filed in August 2013. Proceeds from the sales, net of expenses, broker fees and commissions, totaled approximately $25.0 million.
	In March 2014, the Company sold 12,650,000 shares of its common stock in a public offering at a price of $6.60 per share. The sale of stock was completed pursuant to the Company’s December 2013 shelf registration. Proceeds from the sale, net of expenses, broker fees and commissions, totaled approximately $78.0 million.
	Stock Options
	During the year ended December 31, 2013, the Company granted 440,000 stock options to members of its Board of Directors, employees and certain key third-party consultants. The options have exercise prices ranging from $5.84 to $9.28 per share. Each of the stock options granted has a five-year life and vest 50% on the one-year anniversary of the grant date, with the remaining 50% vesting on the second-year anniversary date.
	The assumptions used in the Black-Scholes Option Pricing Model for the stock options granted during the 2013 were as follows:
	Risk-free interest rate		0.23 to 0.35%
	Expected volatility of common stock		62% to 84%
	Dividend yield		$0.00
	Expected life of options		5 years
	During the six-month period ended June 30, 2014, the Company granted 37,500 stock options to certain employees. The options have exercise prices ranging from $6.18 to $7.05 per share. Each of the stock options granted has a five-year life and vest 50% on the one-year anniversary of the grant date, with the remaining 50% vesting on the second-year anniversary date.
	The assumptions used in the Black-Scholes Option Pricing Model for the stock options granted during the 2014 were as follows:
	Risk-free interest rate		0.43 to 0.48%
	Expected volatility of common stock		59% to 61%
	Dividend yield		$0.00
	Expected life of options		5 years
	The options outstanding as of June 30, 2014 and December 31, 2013 have an intrinsic value of $2.69 and $4.12 per share and an aggregate intrinsic value of approximately $5.3 million and $7.9 million, respectively.
	Shares Reserved for Future Issuance
	As of June 30, 2014 and December 31, 2012, the Company had reserved 1,963,025 and 1,926,775 shares, respectively, for future issuance upon exercise of outstanding options.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	12	Earnings Per Share
	The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three-month periods ended June 30, 2014 and 2013:
			Three Months				Six Months Ended
			Ended June 30,				Ended June 30,
			2014		2013		2014		2013
	Net income (loss)		$	-3,899,815	$	2,637,484	$	-4,928,262	$	2,992,831
	Weighted average number of common shares outstanding			30,436,424		12,517,087		24,529,013		12,494,987
	Incremental shares from the assumed exercise of dilutive stock options			-		475,132		-		449,574
	Diluted common shares outstanding			30,436,424		12,992,219		24,529,013		12,944,561
	Earnings (loss) per share – basic		$	-0.13	$	0.21	$	-0.2	$	0.24
	Earnings (loss) per share – diluted		$	-0.13	$	0.2	$	-0.2	$	0.23
	Because the Company recognized a net loss for the three-month and six-month periods ended June 30, 2014, the calculation of diluted loss per share is the same as the calculation of basis loss per share, as the effect of including any incremental shares from the assumed exercise of dilutive stock options would be anti-dilutive. The number of anti-dilutive shares that have been excluded from the calculation of diluted loss per share for the three month-period and six-month periods ended June 30, 2014 is 581,150 and 614,964, respectively.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	13	Related Party Transactions
	The Company is under contract through February 2016 to sell 100% of its oil, gas and liquids production to Power Energy Partners LP (“Power Energy”). As of June 30, 2014, Power Energy holds 2,250,000 shares of our common stock.
	The Company routinely obtains legal services from a firm for whom one of its directors serves as a principal. Fees paid this firm approximated $12,000 and $33,000 for the six-month periods ended June 30, 2014 and 2013, respectively.
	The Company receives monthly geological consulting services from Synergy Energy Resources LLC (“Synergy”). One of the Company’s current directors and one current officer own material ownership interests in Synergy. The Company incurred $42,000 and $84,000 of consulting expenses from Synergy during the three-month and six-month periods ending June 30, 2014 and 2013, respectively. The Company terminated its consulting agreement with Synergy on June 30, 2014.
	The Company’s Chairman and Chief Operating Officer each owns overriding royalty interests in certain of the Company’s operated wells. The overriding royalty interests were obtained prior the Company’s acquisition of AEE, Inc. in December 2011. Royalties paid to these individuals totaled approximately $86,000 and $135,000 for the three-month period ended June 30, 2014, respectively, and approximately $252,000 and $304,000 for the six-month period ended June 30, 2013, respectively.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	13	Subsequent Events
	In July 2014, the Company sold its interest in its Canadian oil and gas properties. Net proceeds received from the sale totaled approximately $1.8 million.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Interim Financial Information [Policy Text Block]	'
	Interim Financial Information
	The unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles for interim financial statements in accordance with Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation have been included. Operating results for the three-month and six-month periods ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ended December 31, 2014. The condensed, consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013. The December 31, 2013 condensed consolidated balance sheet was derived from audited financial statements.
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, AMZG, Inc., EERG Energy ULC (Canadian) and AEE Canada Inc. (Canadian). All material intercompany accounts, transactions and profits have been eliminated.
	Certain reclassifications have been made to prior year balances to conform to the current year’s presentation. Such reclassifications had no effect on the Company’s net income for the prior period.

Marketable_Securities_and_Fair1

Marketable Securities and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Available-for-sale Securities [Table Text Block]	'
	Available-for-sale marketable securities at June 30, 2014 and December 31, 2013 consist of the following:
				Gains in		Losses in
				Accumulated		Accumulated
		Estimated		Other		Other
		Fair		Comprehensive		Comprehensive
		Value		Income		Income
	30-Jun-14
	Noncurrent assets:
	Common stock	$	1,418,446	$	187,446	$	-
	31-Dec-13
	Noncurrent assets:
	Common stock	$	1,049,944	$	76,881	$	-
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
	The fair value of the Company’s financial instruments, measured on a recurring basis at June 30, 2014 and December 31, 2013, were as follows:
		Level 1		Level 2		Level 3		Total
	30-Jun-14
	Marketable securities	$	1,418,446	$	-	$	-	$	1,418,446
	Current derivative liability		-		-3,959,643		-		-3,959,643
	Noncurrent derivative liability		-		-4,878,187		-		-4,878,187
	31-Dec-13
	Marketable securities	$	1,049,944	$	-	$	-	$	1,049,944
	Current derivative asset		-		210,779		-		210,779
	Current derivative liability		-		-275,516		-		-275,516
	Noncurrent derivative liability		-		-749,872		-		-749,872

Purchases_of_Property_Interest1

Purchases of Property Interests (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Business Acquisition, Pro Forma Information [Table Text Block]	'
	Had the purchase of these additional net revenue and working interests occurred on January 1, 2013, the Company’s consolidated financial statements for the six-month periods ended June 30, 2014 and 2013 would have been as follows:
		2014		2013
	Pro forma revenues	$	32,182,138	$	20,182,301
	Pro forma net income (loss)	$	-4,420,703	$	2,291,484
	Pro forma income (loss) per share - basic	$	-0.16	$	0.09
	Pro forma income (loss) per share – diluted	$	-0.16	$	0.09

Price_Swap_Agreements_Tables

Price Swap Agreements (Tables)	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Derivative Instruments [Table Text Block]	'
	The Company’s outstanding price swap agreements had the following net fair market values as of June 30, 2014 and December 31, 2013:
		June 30,		December 31,
		2014		2013
	Current derivative asset	$	-	$	210,779
	Current derivative liability		-3,959,643		-275,516
	Noncurrent derivative liability		-4,878,187		-749,872
	Net derivative liability	$	-8,837,830	$	-814,609

Equity_Transactions_Tables

Equity Transactions (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	The assumptions used in the Black-Scholes Option Pricing Model for the stock options granted during the 2013 were as follows:
	Risk-free interest rate	0.23 to 0.35%
	Expected volatility of common stock	62% to 84%
	Dividend yield	$0.00
	Expected life of options	5 years
	The assumptions used in the Black-Scholes Option Pricing Model for the stock options granted during the 2014 were as follows:
	Risk-free interest rate	0.43 to 0.48%
	Expected volatility of common stock	59% to 61%
	Dividend yield	$0.00
	Expected life of options	5 years

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share Reconciliation [Table Text Block]	'
	The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three-month periods ended June 30, 2014 and 2013:
		Three Months				Six Months Ended
		Ended June 30,				Ended June 30,
		2014		2013		2014		2013
	Net income (loss)	$	-3,899,815	$	2,637,484	$	-4,928,262	$	2,992,831
	Weighted average number of common shares outstanding		30,436,424		12,517,087		24,529,013		12,494,987
	Incremental shares from the assumed exercise of dilutive stock options		-		475,132		-		449,574
	Diluted common shares outstanding		30,436,424		12,992,219		24,529,013		12,944,561
	Earnings (loss) per share – basic	$	-0.13	$	0.21	$	-0.2	$	0.24
	Earnings (loss) per share – diluted	$	-0.13	$	0.2	$	-0.2	$	0.23

Marketable_Securities_and_Fair2

Marketable Securities and Fair Value of Financial Instruments (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Noncurrent assets:	'	'
Estimated Fair Value	$1,418,446	$1,049,944
Common Stock [Member]	'	'
Noncurrent assets:	'	'
Estimated Fair Value	1,418,446	1,049,944
Gains in Accumulated Other Comprehensive Income	187,446	76,881
Losses in Accumulated Other Comprehensive Income	$0	$0

Marketable_Securities_and_Fair3

Marketable Securities and Fair Value of Financial Instruments (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities	$1,418,446	$1,049,944
Current derivative asset	0	210,779
Current derivative liability	-3,959,643	-275,516
Noncurrent derivative liability	-4,878,187	-749,872
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities	1,418,446	1,049,944
Current derivative asset	'	0
Current derivative liability	0	0
Noncurrent derivative liability	0	0
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities	0	0
Current derivative asset	'	210,779
Current derivative liability	-3,959,643	-275,516
Noncurrent derivative liability	-4,878,187	-749,872
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities	0	0
Current derivative asset	'	0
Current derivative liability	0	0
Noncurrent derivative liability	$0	$0

Purchases_of_Property_Interest2

Purchases of Property Interests (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Business Acquisition [Line Items]	'	'
Pro forma revenues	$32,182,138	$20,182,301
Pro forma net income (loss)	($4,420,703)	$2,291,484
Pro forma income (loss) per share - basic (in dollars per share)	($0.16)	$0.09
Pro forma income (loss) per share - diluted (in dollars per share)	($0.16)	$0.09

Purchases_of_Property_Interest3

Purchases of Property Interests (Details Textual) (USD $)	1 Months Ended	4 Months Ended	10 Months Ended		3 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2013	Oct. 02, 2013	Mar. 26, 2014	Dec. 31, 2013	Mar. 31, 2014
	Spyglass Property [Member]	Spyglass Property [Member]	Spyglass Property [Member]	Spyglass Property [Member]	Undeveloped Acreage Property [Member]
Business Acquisition [Line Items]	'	'	'	'	'
Payments to Acquire Additional Interest in Subsidiaries	$3.90	$47	$47	'	$7.50
Business Combination, Consideration Transferred	'	41.4	'	'	'
Debt Instrument, Face Amount	'	'	'	$40	'

Carry_Agreement_Details_Textua

Carry Agreement (Details Textual) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2012	Jul. 15, 2012	Apr. 16, 2012	Jun. 30, 2014	Dec. 31, 2013	Aug. 31, 2013
		First Carry Agreement [Member]	First Carry Agreement [Member]	First Carry Agreement [Member]	First Carry Agreement [Member]	Second Carry Agreement [Member]	Second Carry Agreement [Member]	Second Carry Agreement [Member]
Carry Agreement [Line Items]	'	'	'	'	'	'	'	'
Working Interest Partner, Date Of Agreement	'	'	16-Apr-12	'	'	'	'	'
Working Interest Partner Funding Percentage On Company Working Interest Share Of Drilling and Completion Costs	'	'	100.00%	'	'	'	100.00%	'
Number Of Oil And Gas Wells	'	'	'	4	6	'	'	5
Drilling Cost Limit Percentage	'	'	120.00%	'	'	'	120.00%	'
Working Partner Interest Revenue Description	'	'Carry Agreement with a third-party working interest partner (the Carry Agreement Partner), pursuant to which (i) the Carry Agreement Partner agreed to fund 100% of the Companys working interest share of the drilling and completion costs of up to six new oil and gas wells within our Spyglass Area	'Pursuant to the terms of the Carry Agreement, the portion of the Companys net revenue interest in each well to be conveyed to the Carry Agreement Partner followed a graduated scale, whereby 50% of the Companys net revenue and working interests are assigned to the Carry Agreement Partner during the first year of the wells production or until the carried costs, plus the 12% return, have been achieved, whichever occurs first.	'	'	'	'the Company agreed to convey, for a limited duration, 50% of its revenue interest in the pre-payout revenues of each carried well and 50% of its working interest in the pre-payout operating costs of each carried well, to the Carry Agreement Partner.	'
Working Partner Interest Revenue Description Year One	'	'	'In the event that the Carry Agreement Partner had not recouped all of the carried costs plus the 12% return by the end of the first year of production, the assignment of the Companys net revenue and working interests in the well would increase from 50% to 75%	'	'	'	'In the event that the gross drilling and completion cost of a carried well exceeds 120% of the AFE amount, the Company and the Carry Agreement Partner will share in the excess costs based on the working interests stipulated in the Carry Agreement.	'
Working Partner Interest Revenue Description Year Two	'	'	'for the second year of production or until the carried costs, plus the 12% return, had been achieved, whichever occurs first. In the event that the Carry Agreement Partner had not recouped all of the carried costs, plus the 12% return, by the end of the second year of production, the assignment of the Companys net revenue and working interests in the well would increase to 100% until the carried costs, plus the 12% return, had been achieved. Once payout has occurred (112% of the costs on a well-by-well basis),	'	'	'	'Pursuant to the terms of the Second Carry Agreement, 50% of the Companys net revenue interest in each well will be conveyed to the Carry Agreement Partner for a period of two years or until such a time when the working interest partner has recouped 112% of the carried drilling and completion costs of the well, whichever occurs sooner. In the event that the Carry Agreement Partner has not recouped 112% of the carried drilling and completion costs by the end of the second year of production, the Company has agreed to make cash payments to the Carry Agreement Partner in the amount of the shortfall.	'
Increase Percentage Of Working Interest Considered As Revenue To Partner	'	'	112.00%	'	'	'	112.00%	'
Percentage of Net Revenue Conveyed to Partner	100.00%	'	'	'	'	'	'	'
Fund Received Under Carry Agreement	'	'	'	'	'	$15,100,000	'	'
Company Total Working Interest Share Of Drilling and Completion Costs	'	'	'	'	'	$373,000	'	'

FarmOut_Agreement_Details_Text

Farm-Out Agreement (Details Textual) (Farm-Out Agreement [Member])	1 Months Ended	12 Months Ended
	Aug. 31, 2013	Dec. 31, 2013
Farm-Out Agreement [Member]	'	'
Farm-Out Agreements Disclosure [Line Items]	'	'
Working Interest Partner Funding Percentage On Company Working Interest Share Of Drilling and Completion Costs	100.00%	'
Increase Percentage Of Working Interest Considered As Revenue To Partner	30.00%	'
Working Partner Interest Revenue Description	'	'August 2013, the Company entered into a Farm-Out Agreement (the “Farm-Out Agreement”) with the Carry Agreement Partner, pursuant to which (i) that Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to six new oil and gas wells to be located within the original Spyglass and West Spyglass sections of the Spyglass Area
Working Partner Interest Revenue Description One	'	'(ii) the Company agreed to convey, for a period of time, 100% of its net revenue interest in the pre-payout revenues of each farm-out well and 100% of its working interest in the pre-payout operating costs of each farm-out well, to the Carry Agreement Partner, until such a time when the Carry Agreement Partner has recouped 112% of the drilling and completion costs associated with each well.
Working Partner Interest Revenue Description Two	'	'Once the Carry Agreement Partner has recouped 112% of the drilling and completion costs of a well, the Carry Agreement Partner will convey 30% of the Companys original working and net revenue interests in each farm-out well back to the Company.

Swap_Facility_Details_Textual

Swap Facility (Details Textual) (USD $)	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2013	Jan. 31, 2013	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2012
				bbl
Swap Facility Disclosure [Line Items]	'	'	'	'	'	'
Derivative, Cost of Hedge	'	'	'	'	'	$18,000,000
Derivative, Cash Received on Hedge	'	2,000,000	'	'	'	16,000,000
Sale Barrels Of Oil Equivalents Future Sales	'	'	'	212,000	'	'
Sale Barrels Of Oil Equivalents Future Sales Description	'	'	'	'five-year period from January 2013 to December 2017, with a final balloon payment of $2 million, due in February 2018.	'	'
Extinguishment of Debt, Amount	18,000,000	'	'	'	'	'
Gains (Losses) on Extinguishment of Debt, Total	'	'	'	3,700,000	'	'
Outstanding balance under Swap Facility Percentage of outstanding principal balance repaid	100.00%	'	'	'	'	'
Debt Instrument, Interest Rate, Stated Percentage	'	'	7.40%	'	7.40%	'
Interest Expense, Debt, Total	'	'	299,000	'	591,000	'
Deferred Finance Costs, Gross	'	'	780,000	'	780,000	'
Amortization of Financing Costs	'	'	$67,000	'	$112,000	'

Credit_Facility_Details_Textua

Credit Facility (Details Textual) (USD $)	3 Months Ended	6 Months Ended				3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013
				Minimum [Member]	Maximum [Member]	Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Initial Term Loan [Member]	Spyglass Tranche A Loan [Member]	Tranche B Loan [Member]
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Debt Instrument, Face Amount	'	'	'	'	'	'	'	$200,000,000	$68,000,000	$40,000,000	$92,000,000
Debt Instrument, Term	'	'5 years	'	'	'	'	'	'	'	'	'
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	'	10.50%	'	5.50%	10.50%	'	'	'	'	'	'
Interest Expense, Debt, Total	299,000	'	591,000	'	'	2,900,000	5,700,000	'	'	'	'
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Total	'	7,800,000	'	'	'	'	'	'	'	'	'
Amortization of Financing Costs	67,000	'	112,000	'	'	383,000	763,000	'	'	'	'
Amortization of Debt Discount (Premium)	'	$600,000	'	'	'	'	'	'	'	'	'
Line Of Credit Facility Discounted Rate	'	9.00%	'	'	'	'	'	'	'	'	'

Price_Swap_Agreements_Details

Price Swap Agreements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Current derivative asset	$0	$210,779
Current derivative liability	-3,959,643	-275,516
Noncurrent derivative liability	-4,878,187	-749,872
Net derivative liability	($8,837,830)	($814,609)

Price_Swap_Agreements_Details_

Price Swap Agreements (Details Textual) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Revolving Credit Facility [Member]	'	'
Derivative [Line Items]	'	'
Gain (Loss) on Sale of Derivatives	$457,000	$341,000
Percentage of future production covered under commodity price swap agreement	'	85.00%
Marketable Securities, Unrealized Gain (Loss), Total	6,200,000	8,000,000
Swap [Member]	'	'
Derivative [Line Items]	'	'
Gain (Loss) on Sale of Derivatives	$187,000	$159,000

Asset_Retirement_Obligation_De

Asset Retirement Obligation (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Assets Retirement Obligation [Line Items]	'	'
Asset retirement obligation	$1,405,488	$1,059,689
Asset Retirement Obligations, Description	'The projected plugging dates for wells in which the Company owns a working interest ranges from December 31, 2015 to June 30, 2035.	'

Equity_Transactions_Details

Equity Transactions (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Dividend yield	0.00%	0.00%
Expected life of options	'5 years	'5 years
Minimum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Risk-free interest rate	0.43%	0.23%
Expected volatility of common stock	59.00%	62.00%
Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Risk-free interest rate	0.48%	0.35%
Expected volatility of common stock	61.00%	84.00%

Equity_Transactions_Details_Te

Equity Transactions (Details Textual) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2014

Dec. 31, 2013

Jan. 31, 2013

Oct. 31, 2013

Aug. 31, 2013

Mar. 31, 2014

Jan. 31, 2013

Oct. 31, 2013

Aug. 31, 2013

Mar. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Employee Stock [Member]

Employee Stock [Member]

Private Placement [Member]

Public Offering [Member]

Public Offering [Member]

Public Offering [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

One Year Anniversary [Member]

One Year Anniversary [Member]

Two Year Anniversary [Member]

Two Year Anniversary [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Private Placement [Member]

Public Offering [Member]

Public Offering [Member]

Public Offering [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders Equity, Reverse Stock Split

'1-for-4 reverse split

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, New Issues

'

2,250,000

'

'

'

'

'

'

'

'

'

1,000,000

3,941,449

1,250,000

12,650,000

'

'

'

'

'

'

'

'

Sale of Stock, Price Per Share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$4

$6.80

$8

$6.60

'

'

'

'

'

'

'

'

Proceeds from issuance of stock

'

$78,298,493

$4,000,000

'

'

'

'

$4,000,000

$25,000,000

$9,900,000

$78,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value

'

$5,300,000

'

$7,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value

'

$2.69

'

$4.12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

'

1,963,025

'

'

1,926,775

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

50.00%

50.00%

50.00%

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

'

'

'

'

'

37,500

440,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award

'

'Each of the stock options granted has a five-year life

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6.18

$5.84

$7.05

$9.28

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Line Items]	'	'	'	'
Net income (loss)	($3,899,815)	$2,637,484	($4,928,262)	$2,992,831
Weighted average number of common shares outstanding (in shares)	30,436,424	12,517,087	24,529,013	12,494,987
Incremental shares from the assumed exercise of dilutive stock options (in shares)	0	475,132	0	449,574
Diluted common shares outstanding (in shares)	30,436,424	12,992,218	24,529,013	12,944,561
Earnings per share - basic (in dollars per share)	($0.13)	$0.21	($0.20)	$0.24
Earnings per share - diluted (in dollars per share)	($0.13)	$0.20	($0.20)	$0.23

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Earnings Per Share [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	581,150	614,964

Related_Party_Transactions_Det

Related Party Transactions (Details Textual) (USD $)	6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
			Synergy [Member]	Synergy [Member]	Board of Directors Chairman [Member]	Board of Directors Chairman [Member]	Chief Operating Officer [Member]	Chief Operating Officer [Member]
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'
Contract To Sell Oil, Gas And Liquids Production, Percentage	100.00%	'	'	'	'	'	'	'
Stock Issued During Period, Shares, New Issues	2,250,000	'	'	'	'	'	'	'
Payments for Royalties	'	'	'	'	$86,000	$252,000	$135,000	$304,000
Related Party Transaction, Amounts of Transaction	'	'	42,000	84,000	'	'	'	'
Payments for Fees	$12,000	$33,000	'	'	'	'	'	'

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (Subsequent Event [Member], USD $)	1 Months Ended
In Millions, unless otherwise specified	Jul. 31, 2014
Subsequent Event [Member]	'
Subsequent Event [Line Items]	'
Proceeds from Sale of Equity Method Investments	$1.80