Cross Border Resources (XBOR) 10-Q 19 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 19, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Cross Border Resources, Inc.	'
Entity Central Index Key	'0001373485	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	17,336,226
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets	'	'
Cash and Cash Equivalents	$904,911	$726,239
Accounts Receivable - Oil and Natural Gas Sales	2,066,454	2,086,239
Accounts Receivable - Related Party	'	24,630
Prepaid Expenses & Other Current Assets	79,275	87,443
Current Tax Asset	19,600	19,600
Total Current Assets	3,070,240	2,944,151
Oil and Gas Properties	57,420,344	56,561,040
Less Accumulated Depletion, Amortization, and Impairment	-22,812,843	-20,941,867
Net Oil and Gas Properties	34,607,501	35,619,173
Other Assets	'	'
Other Property and Equipment, net of Accumulated Depreciation of $105,148 and $95,829 in 2014 and 2013, respectively	25,322	34,641
Restricted Cash	233,949	206,087
Deferred financing costs	69,377	91,242
Other Assets	54,324	54,324
Total Other Assets	382,972	386,294
TOTAL ASSETS	38,060,713	38,949,618
Current Liabilities	'	'
Accounts Payable - Trade	726,647	1,268,257
Accounts Payable - Related Party	135,167	'
Accrued Expenses & Other Payables	203,085	63,101
Derivative Liability	100,762	38,109
Environmental Liability - Current Portion	2,067,175	1,400,000
Asset Retirement Obligation - Current Portion	1,534,045	562,000
Deferred Tax Liability	19,600	19,600
Total Current Liabilities	4,786,481	3,351,067
Non-Current Liabilities:	'	'
Asset Retirement Obligations, Net of Current Portion	1,596,432	2,952,898
Environmental Liability, Net of Current Portion	'	687,973
Line of Credit	9,200,000	12,200,000
Total Non-Current Liabilities	10,796,432	15,840,871
Total Liabilities	15,582,913	19,191,938
Commitments & Contingencies (Note 8)	'	'
STOCKHOLDERS' EQUITY	'	'
Common Stock ($0.001 par value; 99,000,000 shares authorized and 17,336,226 issued and outstanding as of June 30, 2014 and as of December 31, 2013, respectively)	17,336	17,336
Additional Paid in Capital	33,462,473	33,462,473
Accumulated Deficit	-11,002,009	-13,722,129
Total Stockholders' Equity	22,477,800	19,757,680
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$38,060,713	$38,949,618

Balance_Sheets_Unaudited_Paren

Balance Sheets (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Balance Sheets	'	'
Accumulated depreciation of other property and equipment	$105,148	$95,829
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	99,000,000	99,000,000
Common Stock, shares issued	17,336,226	17,336,226
Common Stock, shares outstanding	17,336,226	17,336,226

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUES:	'	'	'	'
Oil and gas sales	$3,690,895	$3,461,249	$7,187,677	$6,794,047
EXPENSES:	'	'	'	'
Operating costs	474,893	891,666	948,085	1,339,097
Natural gas marketing and transportation expenses	47,695	42,572	72,318	49,140
Production taxes	312,213	254,241	576,024	388,255
Depreciation, depletion, amortization, and Impairment	739,941	1,679,138	1,880,296	2,794,639
Accretion Expense	114,437	36,723	151,085	71,702
General and administrative	223,694	263,407	433,656	596,128
Total expense	1,912,873	3,167,747	4,061,464	5,238,961
Income from operations	1,778,022	293,502	3,126,213	1,555,086
Other income (expense):	'	'	'	'
Gain (loss) on derivatives	-82,568	107,635	-133,221	-22,557
Gain on settlement of debt	'	'	'	858,452
Interest expense	-137,826	-160,853	-272,875	-346,022
Total other income (expense)	-220,394	-53,218	-406,096	489,873
Income before income taxes	1,557,628	240,284	2,720,117	2,044,959
Net income	$1,557,628	$240,284	$2,720,117	$2,044,959
Net income per share:	'	'	'	'
Basic	$0.09	$0.01	$0.16	$0.12
Fully diluted	$0.07	$0.01	$0.13	$0.10
Weighted average shares outstanding:	'	'	'	'
Basic	17,336,226	17,336,626	17,336,226	16,999,085
Fully diluted	21,023,726	21,023,726	21,023,726	20,686,585

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$2,720,117	$2,044,959
Adjustments to reconcile net income (loss) to cash used by operating activities:	'	'
Depreciation, depletion, amortization, and impairment	1,880,296	2,803,959
Settlement of environmental liability	-20,798	-11,842
Settlement of asset retirement obligation	-3,314	'
Accretion of asset retirement obligations	151,085	71,702
Amortization of and deferred financing costs	21,865	77,120
Change in derivative instrument	62,653	135,044
Changes in operating assets and liabilities:	'	'
Accounts receivable	19,785	-847,051
Accounts receivable - related party	-135,269	'
Prepaid expenses and other current assets	8,171	119,787
Accounts payable	-541,610	445,491
Restricted cash	-27,862	'
Accrued expenses	139,982	652,412
Interest payable	'	-130,929
NET CASH PROVIDED BY OPERATING ACTIVITIES	4,275,100	5,360,653
CASH FLOWS USED IN INVESTING ACTIVITIES	'	'
Capital expenditures - oil and gas properties	-1,391,496	-6,862,343
NET CASH USED IN INVESTING ACTIVITIES	-1,391,496	-6,862,343
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Borrowings on line of credit	'	12,200,000
Advances to related party	-2,704,933	'
Payments on line of credit	'	-8,750,000
Repayments of notes payable	'	-764,278
Repayments to creditors	'	-1,352,783
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	-2,704,933	1,332,939
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	178,671	-168,751
Cash and cash equivalents, beginning of period	726,239	241,561
Cash and cash equivalents, end of period	904,911	72,810
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'
Interest paid	251,009	241,277
NON-CASH TRANSACTIONS	'	'
Revisions of asset retirement obligations	-553,457	'
Additions of asset retirement obligations	22,191	'
Reduction of principal on line of credit in exchange for advances to related party	$3,000,000	'

Organization

Organization	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization	'
	1.   Organization
	Nature of Operations
	Cross Borders Resources, Inc. (the “Company”) is an independent natural gas and oil company engaged in the exploration, development, exploitation, and acquisition of natural gas and oil reserves in North America.  The Company’s area of focus is the State of New Mexico, particularly southeastern New Mexico.  The Company has two wholly-owned subsidiaries, which are inactive: Doral West Corporation and Pure Energy Operating, Inc., and accordingly are not consolidated in these financial statements.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	2.   Summary of Significant Accounting Policies
	Basis of Presentation
	The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for the interim financial information in accordance with Article 8 or Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 2014 are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the periods ended December 31, 2013 filed in its annual report on Form 10-K filed with the Securities and Exchange Commission.
	Reclassification
	Certain amounts have been reclassified to conform with the current period presentation. The amounts reclassified did not have an effect on the Company’s results of operations or stockholders’ equity.
	Cash and cash equivalents
	The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the amount of cash and cash equivalents on deposit in financial institutions exceeds federally insured limits. The Company monitors the soundness of the financial institutions and believes the Company’s risk is negligible.
	Financial instruments
	The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt, approximate fair value as of June 30, 2014 and December 31, 2013.
	Oil and natural gas properties
	The Company follows the successful efforts method of accounting for its oil and natural gas producing activities.  Costs to acquire mineral interests in oil and natural gas properties and to drill and equip development wells and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determination of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense. There were no exploratory wells capitalized pending determination of whether the wells have proved reserves at June 30, 2014 or December 31, 2013. Geological and geophysical costs, including seismic studies and costs of carrying and retaining unproved properties, are charged to expense as incurred. The Company capitalizes interest on expenditures for significant exploration and development projects that last more than six months while activities are in progress to bring the assets to their intended use. Through June 30, 2014, the Company had capitalized no interest costs because its exploration and development projects generally lasted less than six months. Costs incurred to maintain wells and related equipment are charged to expense as incurred.
	On the sale or retirement of a complete unit of a proved property, the cost and related accumulated depreciation, depletion and amortization are eliminated from the property accounts, and the resultant gain or loss is recognized. On the retirement or sale of a partial unit of proved property, the cost is charged to accumulated depreciation, depletion and amortization, with a resulting gain or loss recognized in income.
	Capitalized amounts attributable to proved oil and natural gas properties are depleted by the unit-of-production method over proved reserves using the unit conversion ratio of six Mcf of gas to one barrel of oil equivalent (“Boe”). The ratio of six Mcf of natural gas to one Boe is based upon energy equivalency, rather than price equivalency. Given current price differentials, the price for a Boe for natural gas differs significantly from the price for a barrel of oil.
	It is common for operators of oil and natural gas properties to request that joint interest owners pay for large expenditures, typically for drilling new wells, in advance of the work commencing. This right to call for cash advances is typically found in the operating agreement that joint interest owners in a property adopt. The Company records these advance payments in prepaid and other current assets and release this account when the actual expenditure is later billed to it by the operator.
	On the sale of an entire interest in an unproved property for cash or cash equivalents, gain or loss on the sale is recognized, taking into consideration the amount of any recorded impairment if the property had been assessed individually. If a partial interest in an unproved property is sold, the amount received is treated as a reduction of the cost of the interest retained.
	Impairment of long-lived assets
	The Company evaluates its long-lived assets for potential impairment in their carrying values whenever events or changes in circumstances indicate such impairment may have occurred. Oil and natural gas properties are evaluated for potential impairment by field. Other properties are evaluated for impairment on a specific asset basis or in groups of similar assets, as applicable. An impairment on proved properties is recognized when the estimated undiscounted future net cash flows of an asset are less than its carrying value. If an impairment occurs, the carrying value of the impaired asset is reduced to its estimated fair value, which is generally estimated using a discounted cash flow approach. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.
	Unproved oil and natural gas properties do not have producing properties. As reserves are proved through the successful completion of exploratory wells, the cost is transferred to proved properties. The cost of the remaining unproved basis is periodically evaluated by management to assess whether the value of a property has diminished. To do this assessment, management considers estimated potential reserves and future net revenues from an independent expert, the Company’s history in exploring the area, the Company’s future drilling plans per its capital drilling program prepared by the Company’s reservoir engineers and operations management and other factors associated with the area. Impairment is taken on the unproved property cost if it is determined that the costs are not likely to be recoverable. The valuation is subjective and requires management to make estimates and assumptions which, with the passage of time, may prove to be materially different from actual results.
	Revenue and accounts receivable
	The Company recognizes revenue for its production when the quantities are delivered to, or collected by, the purchaser. Prices for such production are generally defined in sales contracts and are readily determinable based on certain publicly available indices. All transportation costs are included in lease operating expense.
	“Accounts receivable—oil and natural gas sales” consist of uncollateralized accrued revenues due under normal trade terms, generally requiring payment within 30 to 60 days of production. “Accounts receivable—other” consist of amounts owed from interest owners of the Company’s operated wells.  No interest is charged on past-due balances. Payments made on all accounts receivable are applied to the earliest unpaid items. The Company reviews accounts receivable periodically and reduces the carrying amount by a valuation allowance that reflects its best estimate of the amount that may not be collectible.  There was no reserve for bad debts as of June 30, 2014 or December 31, 2013.
	Other property and equipment
	Furniture, fixtures and equipment are carried at cost. Depreciation of furniture, fixtures and equipment is provided using the straight-line method over estimated useful lives ranging from three to ten years. Gain or loss on retirement or sale or other disposition of assets is included in income in the period of disposition.
	Income taxes
	The Company is subject to U.S. federal income taxes along with state income taxes in New Mexico. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the Company’s Statements of Operations. The Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense.
	Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the year of the enacted tax rate change. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.
	Asset retirement obligations
	Asset retirement obligations (“AROs”) associated with the retirement of tangible long-lived assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived assets in the period incurred. The cost of the tangible asset, including the asset retirement cost, is depreciated over the useful life of the asset. AROs are recorded at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations discounted at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value. If estimated future costs of AROs change, an adjustment is recorded to both the ARO and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated inflation rates and changes in the estimated timing of abandonment.
	Business combinations
	The Company follows ASC 805, Business Combinations (“ASC 805”), and ASC 810-10-65, Consolidation (“ASC 810-10-65”). ASC 805 requires most identifiable assets, liabilities, non-controlling interests, and goodwill acquired in a business combination to be recorded at “fair value.” The statement applies to all business combinations, including combinations among mutual entities and combinations by contract alone. Under ASC 805, all business combinations will be accounted for by applying the acquisition method. Accordingly, transaction costs related to acquisitions are to be recorded as a reduction of earnings in the period they are incurred and costs related to issuing debt or equity securities that are related to the transaction will continue to be recognized in accordance with other applicable rules under U.S. GAAP. ASC 810-10-65 requires non-controlling interests to be treated as a separate component of equity, not as a liability or other item outside of permanent equity. The statement applies to the accounting for non-controlling interests and transactions with non-controlling interest holders in consolidated financial statements.
	Earnings per common share
	The Company reports basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities, unless their impact is anti-dilutive.
	Recently issued accounting pronouncements
	In May 2014, FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our financial statements and have not yet determined the method by which we will adopt the standard in 2017.

Asset_retirement_obligations

Asset retirement obligations	6 Months Ended
	Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Asset retirement obligations	'
	3 – Asset retirement obligations
	The following is a description of the changes to the Company’s AROs for the periods ended June 30, 2014 and December 31, 2013:
		June 30,			December 31,
		2014			2013
	Asset retirement obligations at beginning of period	$	3,514,898		$	3,317,358
	Loss on settlement		(926	)		—
	Settlement of liabilities		(3,314	)		(2,114	)
	Revision of previous estimates		(553,457	)		—
	Accretion expense		151,085			148,364
	Additions		22,191			51,290
	Asset retirement obligations at end of period	$	3,130,477		$	3,514,898
	Less: current portion		1,534,045			562,000
	Long-term portion	$	1,596,432		$	2,952,898

Property_and_equipment

Property and equipment	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and equipment	'
	4 – Property and equipment
	Oil and natural gas properties
	The following table sets forth the capitalized costs under the successful efforts method for oil and natural gas properties:
		June 30,			December 31,
		2014			2013
	Oil and natural gas properties	$	57,420,344		$	56,561,040
	Less accumulated depletion, amortization and impairment		(22,812,843	)		(20,941,867	)
	Net oil and natural gas properties capitalized costs	$	34,607,501		$	35,619,173
	Capitalized costs related to proved oil and natural gas properties, including wells and related equipment and facilities, are evaluated for impairment based on the Company’s analysis of undiscounted future net cash flows. If undiscounted future net cash flows are insufficient to recover the net capitalized costs related to proved properties, then the Company recognizes an impairment charge in income equal to the difference between carrying value and the estimated fair value of the properties. Estimated fair values are determined using discounted cash flow models. The discounted cash flow models include management’s estimates of future oil and natural gas production, operating and development costs, and discount rates.
	Uncertainties affect the recoverability of these costs as the recovery of the costs outlined above are dependent upon the Company obtaining and maintaining leases and achieving commercial production or sale.
	Other property and equipment
	The historical cost of other property and equipment, presented on a gross basis with accumulated depreciation, is summarized as follows:
		June 30,				December 31,
		2014				2013
	Other property and equipment	$	130,470			$	130,470
	Less accumulated depreciation		(105,148	)			(95,829	)
	Net property and equipment	$	25,322			$	34,641

Stockholders_equity_and_earnin

Stockholders' equity and earnings per share	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' equity and earnings per share	'
	5 – Stockholders’ equity and earnings per share
	2011 Equity Financing
	Issuance of Common Shares to Settle Creditors Payable
	On February 28, 2013, the Company entered into settlement agreements with two of the creditors payable arising out of the 2002 bankruptcy of Pure Energy Group, Inc., the predecessor to the Company. The Company paid the creditors $633,975 in cash and the Company’s largest shareholder, Red Mountain Resources, Inc. (“RMR”), issued approximately 750,000 shares of its common stock to the creditors in settlement of the claims. In return for RMR issuing its shares to the creditors payable, the Company issued RMR 422,650 shares of its common stock.
	Conversion of Notes Payable
	On February 28, 2013, RMR, the holder of the Green Shoe and Little Bay notes, elected to convert the outstanding notes and accrued interest into common shares. The board of directors of the Company had previously resolved to change the conversion feature from $4.00 per common share to $1.50 per common share. As a result, the Company issued 611,630 common shares to RMR.

Related_party_transactions

Related party transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related party transactions	'
	6 – Related party transactions
	During the year ended December 31, 2013, RMR incurred approximately $3,000,000 for general and administrative expenses and operating costs on the Company’s behalf, all of which was repaid at December 31, 2013. Effective June 30, 2014, RMR assumed the Company's obligations with respect to $3,000,000 of the Company's outstanding borrowings under the Credit Facility (as defined below) in exchange for the satisfaction and discharge of a $2,900,000 intercompany payable from RMR to the Company. As of June 30, 2014, the Company owed RMR $135,167 for expenses incurred by RMR on behalf of the Company.

Long_term_debt

Long term debt	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Long term debt	'
	7 – Long term debt
	Operating Line of Credit
	On February 5, 2013, the Company entered into a Senior First Lien Secured Credit Agreement with RMR, Black Rock Capital, Inc. and RMR Operating, LLC, as borrowers (the “Borrowers”) and Independent Bank, as Lender, providing for an up to $100,000,000 credit facility (the “Credit Facility”). RMR owns approximately 83% of the outstanding common stock of Cross Border, and Black Rock and RMR Operating are wholly owned subsidiaries of RMR. On February 5, 2013, the Company drew $8,900,000 on the line of credit and used those funds to pay off its prior line of credit and associated accrued interest. On February 29, 2013, the Company drew $2,000,000 and on May 24, 2013, the Company drew a further $1,300,000 on the line of credit and used those funds to pay accounts payable related to the drilling program. Effective June 30, 2014, RMR assumed the Company’s obligations with respect to $3,000,000 of the Company’s outstanding borrowings under the Credit Facility in exchange for the satisfaction and discharge of a $2,900,000 intercompany payable from RMR to the Company.
	The borrowing base under the Credit Facility is determined at the discretion of the Lender based on, among other things, the Lender’s estimated value of the proved reserves attributable to the Borrowers’ oil and natural gas properties that have been mortgaged to the Lender, and is subject to regular redeterminations on September 30 and March 31 of each year, and interim redeterminations described in the Credit Agreement and potentially monthly commitment reductions, in each case which may reduce the amount of the borrowing base. As of June 30, 2014, the borrowers had borrowed a total of $26,800,000. As of June 30, 2014, the borrowing base was $30,000,000 million, leaving $3,200,000 of availability.

Commitments_and_contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and contingencies	'
	8 – Commitments and contingencies
	Litigation
	The Company, the Company’s former Chief Executive Officer, and the Company’s former Chief Operating Officer are party to a lawsuit with a former employee. On May 4, 2011, Clifton M. (Marty) Bloodworth initially filed a lawsuit in the State District Court of Midland County, Texas, against Doral West Corp. d/b/a Doral Energy Corp. (the predecessor entity of Cross Border) (“Doral Energy”) and Everett Willard Gray II, the Company’s former Chief Executive Officer. Mr. Bloodworth later amended his lawsuit to name Horace Patrick Seale, the Company’s former Chief Operating Officer, as an additional defendant. Mr. Bloodworth generally alleges that Mr. Gray and Mr. Seale, as agents of the Company, made false representations which induced Mr. Bloodworth to enter into an employment contract that was subsequently breached by the Company. The claims that Mr. Bloodworth has alleged are: breach of his employment agreement with Doral Energy, fraud in the inducement and common law fraud, civil conspiracy, breach of fiduciary duty, and violation of the Texas Deceptive Trade Practices-Consumer Protection Act. Mr. Bloodworth is seeking damages of approximately $280,000. Mr. Gray, Mr. Seale and the Company deny that Mr. Bloodworth’s claims have any merit.
	The Company was previously party to an engagement letter, dated February 7, 2012 (the “Engagement Letter”), with KeyBanc Capital Markets Inc. (“KeyBanc”) pursuant to which KeyBanc was to act as exclusive financial advisor to the Company’s Board of Directors in connection with a possible “Transaction” (as defined in the Engagement Letter). The Engagement Letter was formally terminated by the Company on August 21, 2012. The Engagement Letter provided that KeyBanc would be entitled to a fee upon consummation of a Transaction within a certain period of time following termination of the Engagement Letter. On May 16, 2013, KeyBanc delivered an invoice to the Company in the amount of $751,334, representing amounts purportedly owed by the Company to KeyBanc as a result of the consummation of a purported Transaction that KeyBanc asserts had been consummated within the required time period. The Company disputes that any Transaction was consummated and that KeyBanc is entitled to any fees or out-of-pocket expenses. The Company filed a complaint seeking (i) a declaration that it is not liable to KeyBanc for any amounts in connection with the Engagement Letter, (ii) attorneys’ fees, and (iii) costs of suit. KeyBanc filed a counterclaim seeking (i) at least $750,000 in compensatory damages, (ii) interest, (iii) expenses and court costs, and (iv) reasonable and necessary attorneys’ fees. The matter was originally filed in the 44th Judicial District Court for the State of Texas, Dallas County but was subsequently removed to the United States District Court for the Northern District of Texas, Dallas Division. The Company and KeyBanc filed motions for summary judgment. On August 4, 2014, the court granted in part and denied in part KeyBanc’s motion for summary judgment, narrowing the unresolved issue for trial to whether or not RMR’s acquisitions of the Company’s common stock were a “series of related transactions” within the meaning of the Engagement Letter. The matter could go to trial as early as September 2014. The Company intends to vigorously defend the action.
	In addition to the foregoing, in the ordinary course of business, the Company is periodically a party to various litigation matters that it does not believe will have a material adverse effect on its results of operations or financial condition.
	Environmental Contingencies
	The Company is subject to federal and state laws and regulations relating to the protection of the environment. Environmental risk is inherent in all oil and natural gas operations, and the Company could be subject to environmental cleanup and enforcement actions. The Company manages this environmental risk through appropriate environmental policies and practices to minimize the impact to the Company.
	As of June 30, 2014 and December 31, 2013, the Company had approximately $2.1 million in environmental remediation liabilities related to the Company’s operated Tom Tom and Tomahawk fields located in Chaves and Roosevelt counties in New Mexico. In February 2013, the Bureau of Land Management (“BLM”) accepted the Company’s remediation plan for the Tom Tom and Tomahawk fields. The Company is working in conjunction with the BLM to initiate remediation on a site-by-site basis. This is management’s best estimate of the costs of remediation and restoration with respect to these environmental matters, although the ultimate cost could differ materially. Inherent uncertainties exist in these estimates due to unknown conditions, changing governmental regulation, and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. The Company expects to incur the remaining costs during the next year.

Price_risk_management_activiti

Price risk management activities	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Price risk management activities	'
	9 – Price risk management activities
	ASC 815-25 (formerly SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities”) requires that all derivative instruments be recorded on the balance sheet at their fair value. Changes in the fair value of each derivative are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction. When choosing to designate a derivative as a hedge, management formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the item, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed, and a description of the method of measuring effectiveness. This process includes linking all derivatives that are designated as cash-flow hedges to specific cash flows associated with assets and liabilities on the balance sheet or to specific forecasted transactions. Based on the above, management has determined the swaps noted below do not qualify for hedge accounting treatment.
	At June 30, 2014, the Company had a net derivative liability of $100,762, as compared to a net derivative liability of $38,109 at December 31, 2013.  The change in net derivative asset/liability is recorded as non-cash mark-to-market income or loss.  Mark-to-market losses of $62,653 were recorded in the six months ended June 30, 2014 as compared to mark-to-market income of $283,831 during the twelve months ended December 31, 2013.  Net realized hedge settlement loss for the six months ended June 30, 2014 was $70,568 as compared to net realized hedge settlement loss of $14,062 for the twelve months ended December 31, 2013.  The combination of these two components of derivative expense/income is reflected in “Other Income (Expense)” on the Statements of Operations as “Gain (loss) on derivatives.”
	As of June 30, 2014 and December 31, 2013, the Company had crude oil swaps in place relating to a total of 2,000 Bbls and 3,000 Bbls, respectively, per month, as follows:
					Price	Volumes	Fair Value of Outstanding   Derivative Contracts (1)
							as of
	Transaction				Per	Per		June 30,		December 31,
	Date	Type (2)	Beginning	Ending	Unit	Month		2014		2013
	Nov-11	Swap	12/1/11	11/30/14	$  93.50	2,000		-100,762		-62,730
	Feb-12	Swap	3/1/12	2/28/14	$106.50	1,000		—		24,621
							$	-100,762	$	-38,109
	(1) The fair value of the Company’s outstanding transactions is presented on the balance sheet by counterparty. Currently all of our derivatives are with the same counterparty. The balance is shown as current or long-term based on our estimate of the amounts that will be due in the relevant time periods at currently predicted price levels. Amounts in parentheses indicate liabilities.
	(2) These crude oil hedges were entered into on a per barrel delivered price basis, using the NYMEX - West Texas Intermediate Index, with settlement for each calendar month occurring following the expiration date, as determined by the contracts.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	10 – Fair Value Measurements
	Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. These two types of inputs are further prioritized into the following fair value input hierarchy:
		Level 1 –	quoted prices for identical assets or liabilities in active markets.
		Level 2 –	quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates) and inputs derived principally from or corroborated by observable market data by correlation or other means.
		Level 3 –	unobservable inputs for the asset or liability.
	The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.
	The following tables summarize the valuation of the Company’s financial assets and liabilities at June 30, 2014 and December 31, 2013:
			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant or Other Observable Inputs			Significant Unobservable Inputs			Fair Value at
			(Level 1)		(Level 2)			(Level 3)			30-Jun-14
	Liabilities
	Environmental liability		$	—	$	—		$	(2,067,175	)	$	(2,067,175	)
	Asset retirement obligations (non-recurring)		$	—	$	—		$	(3,130,477	)	$	(3,130,477	)
	Commodities Derivative		$	—	$	(100,762	)	$	—		$	(100,762	)
	Total		$	—	$	(100,762	)	$	(5,197,652	)	$	(5,298,414	)
			Fair Value Measurements at Reporting Date Using
	(in thousands)		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant or Other Observable Inputs			Significant Unobservable Inputs			Fair Value at
			(Level 1)		(Level 2)			(Level 3)			December 31, 2013
	Assets:
	Commodities derivatives		$	—	$	3,504		$	—		$	3,504
	Total		$	—	$	3,504		$	—		$	3,504
	Liabilities:
	Environmental liability		$	—	$	—		$	(2,087,973	)	$	(2,087,973	)
	Commodities derivatives			—		(38,109	)					(38,109	)
	Asset retirement obligations (non-recurring)			—		—			(3,514,898	)		(3,514,898	)
	Total		$	—	$	(38,109	)	$	(5,602,871	)	$	(5,640,980	)
	The following is a summary of changes to fair value measurements using Level 3 inputs during the six months ended June 30, 2014:
			Environmental Liability
	Balance, December 31, 2013		$	2,087,973
	Acquisitions			—
	Settlement of liabilities			20,798
	Revisions of previous estimates			—
	Balance, June 30, 2014		$	2,067,175

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of presentation	'
	Basis of Presentation
	The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for the interim financial information in accordance with Article 8 or Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 2014 are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the periods ended December 31, 2013 filed in its annual report on Form 10-K filed with the Securities and Exchange Commission.
Reclassification	'
	Reclassification
	Certain amounts have been reclassified to conform with the current period presentation. The amounts reclassified did not have an effect on the Company’s results of operations or stockholders’ equity.
Cash and cash equivalents	'
	Cash and cash equivalents
	The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the amount of cash and cash equivalents on deposit in financial institutions exceeds federally insured limits. The Company monitors the soundness of the financial institutions and believes the Company’s risk is negligible.
Financial instruments	'
	Financial instruments
	The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt, approximate fair value as of June 30, 2014 and December 31, 2013.
Oil and natural gas properties	'
	Oil and natural gas properties
	The Company follows the successful efforts method of accounting for its oil and natural gas producing activities.  Costs to acquire mineral interests in oil and natural gas properties and to drill and equip development wells and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determination of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense. There were no exploratory wells capitalized pending determination of whether the wells have proved reserves at June 30, 2014 or December 31, 2013. Geological and geophysical costs, including seismic studies and costs of carrying and retaining unproved properties, are charged to expense as incurred. The Company capitalizes interest on expenditures for significant exploration and development projects that last more than six months while activities are in progress to bring the assets to their intended use. Through June 30, 2014, the Company had capitalized no interest costs because its exploration and development projects generally lasted less than six months. Costs incurred to maintain wells and related equipment are charged to expense as incurred.
	On the sale or retirement of a complete unit of a proved property, the cost and related accumulated depreciation, depletion and amortization are eliminated from the property accounts, and the resultant gain or loss is recognized. On the retirement or sale of a partial unit of proved property, the cost is charged to accumulated depreciation, depletion and amortization, with a resulting gain or loss recognized in income.
	Capitalized amounts attributable to proved oil and natural gas properties are depleted by the unit-of-production method over proved reserves using the unit conversion ratio of six Mcf of gas to one barrel of oil equivalent (“Boe”). The ratio of six Mcf of natural gas to one Boe is based upon energy equivalency, rather than price equivalency. Given current price differentials, the price for a Boe for natural gas differs significantly from the price for a barrel of oil.
	It is common for operators of oil and natural gas properties to request that joint interest owners pay for large expenditures, typically for drilling new wells, in advance of the work commencing. This right to call for cash advances is typically found in the operating agreement that joint interest owners in a property adopt. The Company records these advance payments in prepaid and other current assets and release this account when the actual expenditure is later billed to it by the operator.
	On the sale of an entire interest in an unproved property for cash or cash equivalents, gain or loss on the sale is recognized, taking into consideration the amount of any recorded impairment if the property had been assessed individually. If a partial interest in an unproved property is sold, the amount received is treated as a reduction of the cost of the interest retained.
Impairment of long-lived assets	'
	Impairment of long-lived assets
	The Company evaluates its long-lived assets for potential impairment in their carrying values whenever events or changes in circumstances indicate such impairment may have occurred. Oil and natural gas properties are evaluated for potential impairment by field. Other properties are evaluated for impairment on a specific asset basis or in groups of similar assets, as applicable. An impairment on proved properties is recognized when the estimated undiscounted future net cash flows of an asset are less than its carrying value. If an impairment occurs, the carrying value of the impaired asset is reduced to its estimated fair value, which is generally estimated using a discounted cash flow approach. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.
	Unproved oil and natural gas properties do not have producing properties. As reserves are proved through the successful completion of exploratory wells, the cost is transferred to proved properties. The cost of the remaining unproved basis is periodically evaluated by management to assess whether the value of a property has diminished. To do this assessment, management considers estimated potential reserves and future net revenues from an independent expert, the Company’s history in exploring the area, the Company’s future drilling plans per its capital drilling program prepared by the Company’s reservoir engineers and operations management and other factors associated with the area. Impairment is taken on the unproved property cost if it is determined that the costs are not likely to be recoverable. The valuation is subjective and requires management to make estimates and assumptions which, with the passage of time, may prove to be materially different from actual results.
Revenue and accounts receivable	'
	Revenue and accounts receivable
	The Company recognizes revenue for its production when the quantities are delivered to, or collected by, the purchaser. Prices for such production are generally defined in sales contracts and are readily determinable based on certain publicly available indices. All transportation costs are included in lease operating expense.
	“Accounts receivable—oil and natural gas sales” consist of uncollateralized accrued revenues due under normal trade terms, generally requiring payment within 30 to 60 days of production. “Accounts receivable—other” consist of amounts owed from interest owners of the Company’s operated wells.  No interest is charged on past-due balances. Payments made on all accounts receivable are applied to the earliest unpaid items. The Company reviews accounts receivable periodically and reduces the carrying amount by a valuation allowance that reflects its best estimate of the amount that may not be collectible.  There was no reserve for bad debts as of June 30, 2014 or December 31, 2013.
Other property and equipment	'
	Other property and equipment
	Furniture, fixtures and equipment are carried at cost. Depreciation of furniture, fixtures and equipment is provided using the straight-line method over estimated useful lives ranging from three to ten years. Gain or loss on retirement or sale or other disposition of assets is included in income in the period of disposition.
Income taxes	'
	Income taxes
	The Company is subject to U.S. federal income taxes along with state income taxes in New Mexico. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the Company’s Statements of Operations. The Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense.
	Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the year of the enacted tax rate change. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.
Asset retirement obligations	'
	Asset retirement obligations
	Asset retirement obligations (“AROs”) associated with the retirement of tangible long-lived assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived assets in the period incurred. The cost of the tangible asset, including the asset retirement cost, is depreciated over the useful life of the asset. AROs are recorded at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations discounted at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value. If estimated future costs of AROs change, an adjustment is recorded to both the ARO and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated inflation rates and changes in the estimated timing of abandonment.
Business combinations	'
	Business combinations
	The Company follows ASC 805, Business Combinations (“ASC 805”), and ASC 810-10-65, Consolidation (“ASC 810-10-65”). ASC 805 requires most identifiable assets, liabilities, non-controlling interests, and goodwill acquired in a business combination to be recorded at “fair value.” The statement applies to all business combinations, including combinations among mutual entities and combinations by contract alone. Under ASC 805, all business combinations will be accounted for by applying the acquisition method. Accordingly, transaction costs related to acquisitions are to be recorded as a reduction of earnings in the period they are incurred and costs related to issuing debt or equity securities that are related to the transaction will continue to be recognized in accordance with other applicable rules under U.S. GAAP. ASC 810-10-65 requires non-controlling interests to be treated as a separate component of equity, not as a liability or other item outside of permanent equity. The statement applies to the accounting for non-controlling interests and transactions with non-controlling interest holders in consolidated financial statements.
Earnings per common share	'
	Earnings per common share
	The Company reports basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities, unless their impact is anti-dilutive.
Recently issued accounting pronouncements	'
	Recently issued accounting pronouncements
	In May 2014, FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our financial statements and have not yet determined the method by which we will adopt the standard in 2017.

Asset_retirement_obligations_T

Asset retirement obligations (Tables)	6 Months Ended
	Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Schedule of changes to the Company's asset retirement obligations	'
	The following is a description of the changes to the Company’s AROs for the periods ended June 30, 2014 and December 31, 2013:
		June 30,			December 31,
		2014			2013
	Asset retirement obligations at beginning of period	$	3,514,898		$	3,317,358
	Loss on settlement		(926	)		—
	Settlement of liabilities		(3,314	)		(2,114	)
	Revision of previous estimates		(553,457	)		—
	Accretion expense		151,085			148,364
	Additions		22,191			51,290
	Asset retirement obligations at end of period	$	3,130,477		$	3,514,898
	Less: current portion		1,534,045			562,000
	Long-term portion	$	1,596,432		$	2,952,898

Property_and_equipment_Tables

Property and equipment (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Schedule of capitalized costs under the successful efforts method for oil and gas properties	'
	The following table sets forth the capitalized costs under the successful efforts method for oil and natural gas properties:
		June 30,			December 31,
		2014			2013
	Oil and natural gas properties	$	57,420,344		$	56,561,040
	Less accumulated depletion, amortization and impairment		(22,812,843	)		(20,941,867	)
	Net oil and natural gas properties capitalized costs	$	34,607,501		$	35,619,173
Schedule of other property and equipment	'
	The historical cost of other property and equipment, presented on a gross basis with accumulated depreciation, is summarized as follows:
		June 30,				December 31,
		2014				2013
	Other property and equipment	$	130,470			$	130,470
	Less accumulated depreciation		(105,148	)			(95,829	)
	Net property and equipment	$	25,322			$	34,641

Price_risk_management_activiti1

Price risk management activities (Tables)	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of crude oil swaps	'
	As of June 30, 2014 and December 31, 2013, the Company had crude oil swaps in place relating to a total of 2,000 Bbls and 3,000 Bbls, respectively, per month, as follows:
					Price	Volumes	Fair Value of Outstanding   Derivative Contracts (1)
							as of
	Transaction				Per	Per		June 30,		December 31,
	Date	Type (2)	Beginning	Ending	Unit	Month		2014		2013
	Nov-11	Swap	12/1/11	11/30/14	$  93.50	2,000		-100,762		-62,730
	Feb-12	Swap	3/1/12	2/28/14	$106.50	1,000		—		24,621
							$	-100,762	$	-38,109
	(1) The fair value of the Company’s outstanding transactions is presented on the balance sheet by counterparty. Currently all of our derivatives are with the same counterparty. The balance is shown as current or long-term based on our estimate of the amounts that will be due in the relevant time periods at currently predicted price levels. Amounts in parentheses indicate liabilities.
	(2) These crude oil hedges were entered into on a per barrel delivered price basis, using the NYMEX - West Texas Intermediate Index, with settlement for each calendar month occurring following the expiration date, as determined by the contracts.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of fair value of financial assets and liabilities	'
	The following tables summarize the valuation of the Company’s financial assets and liabilities at June 30, 2014 and December 31, 2013:
		Fair Value Measurements at Reporting Date Using
		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant or Other Observable Inputs			Significant Unobservable Inputs			Fair Value at
		(Level 1)		(Level 2)			(Level 3)			30-Jun-14
	Liabilities
	Environmental liability	$	—	$	—		$	(2,067,175	)	$	(2,067,175	)
	Asset retirement obligations (non-recurring)	$	—	$	—		$	(3,130,477	)	$	(3,130,477	)
	Commodities Derivative	$	—	$	(100,762	)	$	—		$	(100,762	)
	Total	$	—	$	(100,762	)	$	(5,197,652	)	$	(5,298,414	)
		Fair Value Measurements at Reporting Date Using
	(in thousands)	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant or Other Observable Inputs			Significant Unobservable Inputs			Fair Value at
		(Level 1)		(Level 2)			(Level 3)			December 31, 2013
	Assets:
	Commodities derivatives	$	—	$	3,504		$	—		$	3,504
	Total	$	—	$	3,504		$	—		$	3,504
	Liabilities:
	Environmental liability	$	—	$	—		$	(2,087,973	)	$	(2,087,973	)
	Commodities derivatives		—		(38,109	)					(38,109	)
	Asset retirement obligations (non-recurring)		—		—			(3,514,898	)		(3,514,898	)
	Total	$	—	$	(38,109	)	$	(5,602,871	)	$	(5,640,980	)
Schedule of changes to fair value measurements using Level 3 inputs	'
	The following is a summary of changes to fair value measurements using Level 3 inputs during the six months ended June 30, 2014:
		Environmental Liability
	Balance, December 31, 2013	$	2,087,973
	Acquisitions		—
	Settlement of liabilities		20,798
	Revisions of previous estimates		—
	Balance, June 30, 2014	$	2,067,175

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2014
Conversion ratio of metric cubic feet (Mcf) of gas to barrel of oil equivalent (Boe)	6
Other property [Member] | Lower range [Member]	'
Estimated useful lives	'3 years
Other property [Member] | Upper range [Member]	'
Estimated useful lives	'10 years

Asset_retirement_obligations_D

Asset retirement obligations (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Asset Retirement Obligations Rollfoward:	'	'	'	'	'
Asset retirement obligations, beginning	'	'	$3,514,898	$3,317,358	$3,317,358
Loss on Settlement	'	'	-926	'	'
Settlement of liabilities	'	'	-3,314	'	-2,114
Revision of previous estimates	'	'	-553,457	'	'
Accretion expense	114,437	36,723	151,085	71,702	148,364
Additions	'	'	22,191	'	51,290
Asset retirement obligations, ending	3,130,477	'	3,130,477	'	3,514,898
Less: current portion	1,534,045	'	1,534,045	'	562,000
Long-term portion	$1,596,432	'	$1,596,432	'	$2,952,898

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'	'
Oil and Gas Properties	$57,420,344	$56,561,040
Less accumulated depletion, amortization and impairment	-22,812,843	-20,941,867
Net Oil and Gas Properties	$34,607,501	$35,619,173

Property_and_Equipment_Details1

Property and Equipment (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'	'
Other property and equipment	$130,470	$130,470
Less accumulated depreciation	-105,148	-95,829
Net property and equipment	$25,322	$34,641

Stockholders_equity_and_earnin1

Stockholders' equity and earnings per share (Details Narrative) (USD $)	Feb. 28, 2013	Mar. 13, 2014	Feb. 28, 2013	Feb. 28, 2013
		Senior First Lien Secured Credit Agreement [Member]	Red Mountain Resources [Member]	Red Mountain Resources [Member]
				Notes- Green Shoe and Little Bay [Member]
Cash paid to settle claims	$633,975	'	'	'
Shares issued by affiliate to settle creditor claims	'	'	750,000	'
Issuance of shares to settle creditors payable claims, shares	'	422,650	'	'
Debt conversion rate - original	$4	'	'	'
Debt conversion rate - amended	$1.50	'	'	'
Shares issued upon conversion of notes	'	'	'	611,630

Related_party_transactions_Det

Related party transactions (Details Narrative) (USD $)	12 Months Ended			6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
			Senior First Lien Secured Credit Agreement [Member]	Red Mountain Resources [Member]	Red Mountain Resources [Member]
					Senior First Lien Secured Credit Agreement [Member]
General and administrative expenses and operating costs paid for by Red Mountain Resources	$3,000,000	'	'	'	'
Line of Credit	12,200,000	9,200,000	26,800,000	'	3,000,000
Related party receivables discharged	'	'	'	2,900,000	'
Accounts Payable - Related Party	'	$135,167	'	'	'

Long_term_debt_Details_Narrati

Long term debt (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013	24-May-13	Feb. 28, 2013	Feb. 05, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
			Senior First Lien Secured Credit Agreement [Member]	Senior First Lien Secured Credit Agreement [Member]	Senior First Lien Secured Credit Agreement [Member]	Senior First Lien Secured Credit Agreement [Member]	Red Mountain Resources [Member]	Red Mountain Resources [Member]
								Senior First Lien Secured Credit Agreement [Member]
Percentage ownership of Company by Red Mountain	'	'	'	'	'	'	83.00%	'
Borrowing Base	'	'	'	'	$100,000,000	'	'	'
Proceeds from draws from secured line of credit	'	'	1,300,000	2,000,000	8,900,000	'	'	'
Line of Credit	9,200,000	12,200,000	'	'	'	26,800,000	'	3,000,000
Borrowing Base	'	'	'	'	'	30,000,000	'	'
Available borrowing capacity	'	'	'	'	'	$3,200,000	'	'

Commitments_and_contingencies_

Commitments and contingencies (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Environmental liabilities	$2,067,175	$2,087,973
Bloodworth [Member]	'	'
Contingency held for lawsuits	280,000	'
Keybanc Capital Markets [Member]	'	'
Contingency held for lawsuits	751,334	'
Keybanc Capital Markets Countersuit [Member]	'	'
Contingency held for lawsuits	$750,000	'

Price_risk_management_activiti2

Price risk management activities (Details Narrative) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	bbl	bbl
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Net Derivative Liability	$100,762	$38,109
Change in Net Derivative Asset/Liability, mark-to-market adjustments	-62,653	283,831
Net Realized Hedge Settlement Gains (loss)	($70,568)	($14,062)
Volumes Per Month	2,000	3,000

Price_risk_management_activiti3

Price risk management activities (Details) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
	bbl
Volumes Per Month	2,000		3,000
Fair Value of Outstanding Derivatives Contracts	($100,762)	[1],[2]	($38,109)	[1],[2]
November 2011 Swap [Member]	'		'
Beginning Date	1-Dec-11	[1]	'
Ending Date	30-Nov-14	[1]	'
Price Per Unit	93.5	[1]	'
Volumes Per Month	2,000	[1]	'
Fair Value of Outstanding Derivatives Contracts	-100,762	[1],[2]	-62,730	[1],[2]
February 2012 Swap [Member]	'		'
Beginning Date	1-Mar-12	[1]	'
Ending Date	28-Feb-14	[1]	'
Price Per Unit	106.5	[1]	'
Volumes Per Month	1,000	[1]	'
Fair Value of Outstanding Derivatives Contracts	'		$24,621	[1],[2]
[1]	These crude oil hedges were entered into on a per barrel delivered price basis, using the NYMEX - West Texas Intermediate Index, with settlement for each calendar month occurring following the expiration date, as determined by the contracts.
[2]	The fair value of the Company's outstanding transactions is presented on the balance sheet by counterparty. Currently all of our derivatives are with the same counterparty. The balance is shown as current or long-term based on our estimate of the amounts that will be due in the relevant time periods at currently predicted price levels. Amounts in parentheses indicate liabilities.

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013		Dec. 31, 2012
Liabilities:	'		'		'
Environmental liability	($2,067,175)		($2,087,973)		'
Asset retirement obligations (non-recurring)	-3,130,477		-3,514,898		-3,317,358
Commodities Derivative	-100,762	[1],[2]	-38,109	[1],[2]	'
Significant or Other Observable Inputs (Level 2) [Member]	'		'		'
Assets:	'		'		'
Commodities derivatives	'		3,504		'
Total	'		3,504		'
Liabilities:	'		'		'
Commodities Derivative	-100,762		-38,109		'
Total	-100,762		-38,109		'
Significant Unobservable Inputs (Level 3) [Member]	'		'		'
Liabilities:	'		'		'
Environmental liability	-2,067,175		-2,087,973		'
Asset retirement obligations (non-recurring)	-3,130,477		-3,514,898		'
Total	-5,197,652		-5,602,871		'
Fair Value [Member]	'		'		'
Assets:	'		'		'
Commodities derivatives	'		3,504		'
Total	'		3,504		'
Liabilities:	'		'		'
Environmental liability	-2,067,175		-2,087,973		'
Asset retirement obligations (non-recurring)	-3,130,477		-3,514,898		'
Commodities Derivative	-100,762		-38,109		'
Total	($5,298,414)		($5,640,980)		'
[1]	The fair value of the Company's outstanding transactions is presented on the balance sheet by counterparty. Currently all of our derivatives are with the same counterparty. The balance is shown as current or long-term based on our estimate of the amounts that will be due in the relevant time periods at currently predicted price levels. Amounts in parentheses indicate liabilities.
[2]	These crude oil hedges were entered into on a per barrel delivered price basis, using the NYMEX - West Texas Intermediate Index, with settlement for each calendar month occurring following the expiration date, as determined by the contracts.

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (USD $)	6 Months Ended
	Jun. 30, 2014
Level 3 Rollforward	'
Environmental liability, beginning	$2,087,973
Settlements of liabilities	20,798
Environmental liability, ending	$2,067,175