Ring Energy (REI) 10-K 15 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 14, 2016	Jun. 30, 2015
Document Information [Line Items]
Entity Registrant Name	RING ENERGY, INC.
Entity Central Index Key	1,384,195
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	REI
Entity Common Stock, Shares Outstanding		30,396,942
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 285,408,458

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash	$ 4,431,350	$ 8,622,235
Accounts receivable	2,507,858	3,616,676
Joint interest billing receivable	1,629,165	2,683,787
Prepaid expenses and retainers	146,118	160,600
Total Current Assets	8,714,491	15,083,298
Properties and Equipment
Oil and natural gas properties subject to amortization	269,590,374	166,036,400
Fixed assets subject to depreciation	1,539,991	1,209,809
Total Properties and Equipment	271,130,365	167,246,209
Accumulated depreciation, depletion and amortization	(29,863,838)	(14,688,047)
Net Properties and Equipment	241,266,527	152,558,162
Deferred Income Taxes	64,323	0
Deferred Financing Costs	820,904	0
Total Assets	250,866,245	167,641,460
Current Liabilities
Accounts payable	11,023,269	16,241,022
Other accured liabilities	309,898	22,029
Total Current Liabilities	11,333,167	16,263,051
Deferred income taxes	0	$ 4,939,390
Long term debt	45,900,000
Asset retirement obligations	7,401,950	$ 3,896,489
Total Liabilities	64,635,117	25,098,930
Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - $0.001 par value; 150,000,000 shares authorized; 30,391,942 shares and 25,734,467 shares issued and outstanding, respectively	30,392	25,734
Additional paid-in capital	193,269,034	140,532,323
Retained earnings (accumulated deficit)	(7,068,298)	1,984,473
Total Stockholders' Equity	186,231,128	142,542,530
Total Liabilities and Stockholders' Equity	$ 250,866,245	$ 167,641,460

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	30,391,942	25,734,467
Common Stock, Shares, Outstanding	30,391,942	25,734,467

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Oil and Gas Revenues	$ 31,013,892	$ 38,089,443	$ 10,315,701
Costs and Operating Expenses
Oil and gas production costs	9,958,380	4,993,166	1,207,529
Oil and gas production taxes	1,468,073	1,760,206	476,964
Depreciation, depletion and amortization	15,175,791	11,807,794	2,284,091
Ceiling test impairment	9,312,203	0	0
Asset retirement obligation accretion	418,384	154,973	53,681
General and administrative expense	7,995,395	6,803,029	6,682,760
Total Costs and Operating Expenses	44,328,226	25,519,168	10,705,025
Income (Loss) from Operations	(13,314,334)	12,570,275	(389,324)
Other Income (Expense)
Interest income	6,984	85,964	24,706
Interest expense	(749,134)	0	(9,890)
Net Other Income (Expense)	(742,150)	85,964	14,816
Income (Loss) Before Provision for Income Taxes	(14,056,484)	12,656,239	(374,508)
(Provision for) Benefit from Income Taxes	5,003,713	(4,235,739)	(77,701)
Net Income (Loss)	$ (9,052,771)	$ 8,420,500	$ (452,209)
Basic Earnings (Loss) per share	$ (0.32)	$ 0.34	$ (0.03)
Diluted Earnings (Loss) per share	$ (0.32)	$ 0.33	$ (0.03)

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (AccumulatedDeficit) [Member]
Balance at Dec. 31, 2012	$ 26,199,711	$ 14,166	$ 32,169,363	$ (5,983,818)
Balance (in shares) at Dec. 31, 2012		14,166,011
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Total	3,489,022	$ 0	3,489,022	0
Options exercised (cashless exercise)	0	$ 7	(7)	0
Options exercised (cashless exercise) (in shares)		6,722
Options exercised	67,500	$ 15	67,485	0
Options exercised (in shares)		15,000
Common stock issued for cash, net	73,201,690	$ 9,378	73,192,312	0
Common stock issued for cash, net (in shares)		9,378,580
Common stock issued for services	100,000	$ 10	99,990	0
Common stock issued for services (in shares)		10,000
Net income (loss)	(452,209)	$ 0	0	(452,209)
Balance at Dec. 31, 2013	102,605,714	$ 23,576	109,018,165	(6,436,027)
Balance (in shares) at Dec. 31, 2013		23,576,313
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Total	2,517,211	$ 0	2,517,211	0
Options exercised (cashless exercise)	0	$ 68	(68)	0
Options exercised (cashless exercise) (in shares)		68,547
Options exercised	215,000	$ 70	214,930	0
Options exercised (in shares)		70,000
Common stock issued for cash, net	28,514,686	$ 2,000	28,512,686	0
Common stock issued for cash, net (in shares)		2,000,001
Common stock issued for services	87,050	$ 5	87,045
Common stock issued for services (in shares)		5,000
Common stock issued as consideration in property acquisitions	182,369	$ 15	182,354
Common stock issued as consideration in property acquisitions (in shares)		14,606
Net income (loss)	8,420,500	$ 0	0	8,420,500
Balance at Dec. 31, 2014	142,542,530	$ 25,734	140,532,323	1,984,473
Balance (in shares) at Dec. 31, 2014		25,734,467
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Total	2,566,716	$ 0	2,566,716	0
Options exercised (cashless exercise)	0	$ 17	(17)	0
Options exercised (cashless exercise) (in shares)		16,875
Options exercised	134,800	$ 41	134,759	0
Options exercised (in shares)		40,000
Common stock issued for cash, net	50,039,853	$ 4,600	50,035,253	0
Common stock issued for cash, net (in shares)		4,600,000
Net income (loss)	(9,052,771)	$ 0	0	(9,052,771)
Balance at Dec. 31, 2015	$ 186,231,128	$ 30,392	$ 193,269,034	$ (7,068,298)
Balance (in shares) at Dec. 31, 2015		30,391,342

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities
Net income (loss)	$ (9,052,771)	$ 8,420,500	$ (452,209)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	15,175,791	11,807,794	2,284,091
Ceiling test impairment	9,312,203	0	0
Accretion expense	418,384	154,973	53,681
Share-based compensation	2,566,716	2,517,211	3,489,022
Stock issued for services	0	87,050	100,000
Deferred income tax expense (benefit)	(5,003,713)	4,235,739	77,701
Changes in assets and liabilities:
Accounts receivable	2,163,440	(2,412,061)	(3,470,437)
Prepaid expenses	(806,422)	(94,549)	(5,653)
Accounts payable	(4,929,884)	9,031,408	6,040,212
Net Cash Provided by Operating Activities	9,843,744	33,748,065	8,116,408
Cash Flows From Investing Activities
Payments to purchase oil and natural gas properties	(77,902,553)	(15,054,649)	(5,192,441)
Payments to develop oil and natural gas properties	(31,430,355)	(90,160,236)	(29,103,392)
Purchase of equipment, vehicles and leasehold improvements	(330,182)	(951,898)	(82,805)
Plugging and abandonment cost incurred	(446,192)	(39,316)	(60,544)
Net Cash Used in Investing Activities	(110,109,282)	(106,206,099)	(34,439,182)
Cash Flows From Financing Activities
Proceeds from issuance of notes payable	45,900,000	0
Proceeds from issuance of common stock	50,039,853	28,514,686	73,201,690
Proceeds from option exercise	134,800	215,000	67,500
Net Cash Provided by Financing Activities	96,074,653	28,729,686	73,269,190
Net Increase (Decrease) in Cash	(4,190,885)	(43,728,348)	46,946,416
Cash at Beginning of Period	8,622,235	52,350,583	5,404,167
Cash at End of Period	4,431,350	8,622,235	52,350,583
Supplemental Cash Flow Information
Cash paid for interest	426,742	0	9,890
Noncash Investing and Financing Activities
Stock issued as consideration in property acquisition	0	182,369	0
Asset retirement obligation acquired	3,361,634	575,977	0
Asset retirement obligation incurred during development	171,635	2,022,445	481,296
Revision of asset retirement obligation estimate	$ 0	$ 0	$ 211,691

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Ring Energy, Inc. is a Nevada corporation. Ring Energy, Inc. is referred to herein as the “Company.” The Company owns interests in oil and gas properties located in Texas and Kansas and is engaged primarily in the acquisition, exploration and development of oil and gas properties and the production and sale of oil and natural gas. – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the future results of operations. – The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. – The Company also applies fair value accounting guidance to initially, or as events dictate, measure non-financial assets and liabilities such as those obtained through business acquisitions, property and equipment and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two as considered appropriate based on the circumstances. Under the discounted cash flow method, estimated future cash flows are based on managements’ expectations for the future and include estimates of future oil and natural gas production or other applicable sales estimates, operational costs and a risk-adjusted discount rate. The Company may use the present value of estimated future cash inflows and/or outflows or third-party offers or prices of comparable assets with consideration of current market conditions to value its non-financial assets and liabilities when circumstances dictate determining fair value is necessary. Given the significance of the unobservable nature of a number of the inputs, these are considered Level 3 on the fair value hierarchy. – Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and accounts receivable. The Company has cash in excess of federally insured limits of $ 4,181,350 Substantially all of the Company’s accounts receivable is from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at December 31, 2015 and 2014. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. – The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas properties are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter this liability is accreted up to the final retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relate to future plugging and abandonment expenses of its oil and gas properties and related facilities disposal. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs to plug and abandon wells and costs of site restoration, less the estimated salvage value of equipment associated with the oil and gas properties, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is offset to the capitalized costs to be amortized. For the Years Ended December 31, 2015 2014 2013 Depletion $ 14,889,487 $ 11,680,537 $ 2,223,477 Depletion rate, per barrel-of-oil-equivalent (BOE) $ 20.03 $ 25.20 $ 20.27 In addition, capitalized costs less accumulated amortization and related deferred income taxes shall not exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted ten percent computed in compliance with SEC guidelines; 2) plus the cost of properties not being amortized; 3) plus the lower of cost or estimated fair value of unproven properties included in the costs being amortized; 4) less income tax effects related to differences between the book and tax basis of the properties. For the year ended December 31, 2015, the Company took a write down on oil and gas properties as a result of the ceiling test in the amount of $ 9,312,203 Land, Buildings, Equipment and Leasehold Improvements – Land, buildings, equipment and leasehold improvements are valued at historical cost, adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of land, buildings, equipment and leasehold improvements and placing them in service. Buildings and improvements 30 years Office equipment and software 5-7 years Machinery and equipment 5-7 years Depreciation expense was $ 286,304 127,257 60,614 – The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. Revenue is recorded in the month the product is delivered to the purchaser. At the end of each month, the Company estimates the amount of production delivered to purchasers and the price received. Variances between the Company’s estimated revenue and actual payment are recorded in the month the payment is received; however, differences have been insignificant. – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, and tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. – In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years in such jurisdictions. The Company has identified its federal income tax return and its state income tax returns in Texas and Kansas in which it operates as “major” tax jurisdictions. The Company’s federal and Kansas income tax returns for the years ended December 31, 2012 through 2015 remain subject to examination. The Company’s franchise tax returns in Texas remain subject to examination for 2011 through 2015. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by generally accepted accounting principles. No interest or penalties have been levied against the Company and none are anticipated; therefore, no interest or penalty has been included in our provision for income taxes in the statements of operations. – Basic earnings (loss) per share is computed by dividing net income by the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share are calculated to give effect to potentially issuable dilutive common shares. – During the year ended December 31, 2015, sales to three customers represented 48 23 20 30 53 0 75 18 45 37 97 99 – The Company has outstanding stock options to directors, employees and contract employees, which are described more fully in Note 8. The Company accounts for its stock options grants in accordance with generally accepted accounting principles. Generally accepted accounting principles require the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Generally accepted accounting principles also requires stock option compensation expense to be recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). Stock-based employee compensation incurred for the years ended December 31, 2015, 2014 and 2013 was $ 2,566,716 2,517,211 3,489,022 Recently Adopted Accounting Pronouncement – Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In April 2015, the FASB issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." (“ASU No. 2015-03”). The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the update. For public entities, the guidance is effective for reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”which allows for debt issuance costs related to line-of-credit arrangements to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangements, regardless of whether there are any outstanding borrowings on the line-of-credit arrangements. For public entities, the guidance is effective for reporting periods beginning after December 15, 2015, and it is not expected to have a material impact on our financial statements.

EARNINGS (LOSS) PER SHARE INFOR

EARNINGS (LOSS) PER SHARE INFORMATION	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 2 – EARNINGS (LOSS) PER SHARE INFORMATION For the years ended December 31, 2015 2014 2013 Net Income (Loss) $ (9,052,771) $ 8,420,500 $ (452,209) Basic Weighted-Average Shares Outstanding 28,176,924 24,739,795 16,376,911 Effect of dilutive securities: Stock options - 1,150,490 - Diluted Weighted-Average Shares Outstanding 28,176,924 25,890,285 16,376,911 Basic Earnings (Loss) per Share $ (0.32) $ 0.34 $ (0.03) Diluted Earnings (Loss) per Share $ (0.32) $ 0.33 $ (0.03) Stock options to purchase 2,881,150 455,500 2,647,500

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 3 – ACQUISITIONS In June 2015, Ring completed the acquisition of oil and gas assets and properties in the Ford West Field and Ford Geraldine Unit in Reeves and Culberson Counties, Texas. The acquired properties consist of 19,983 19,679 98 79 75,000,000 286,563 742,332 129,896 The acquisition was recognized as a business combination whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of May 1, 2015, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. Assets acquired Proved oil and natural gas properties $ 78,361,634 Accounts receivable 400,629 Liabilities assumed Accounts payable (1,562,147) Asset retirement obligations (3,361,634) Total Identifiable Net Assets $ 73,838,482 For the years ended December 31, 2015 2014 2013 Oil and Gas Revenues $ 37,253,437 $ 74,303,242 $ 58,279,167 Net Income (Loss) $ (9,097,288) $ 18,186,433 $ 16,377,036 Basic Earnings (Loss) per Share $ (0.32) $ 0.34 $ (0.03) Diluted Earnings (Loss) per Share $ (0.32) $ 0.33 $ (0.03)

OIL AND GAS PRODUCING ACTIVITIE

OIL AND GAS PRODUCING ACTIVITIES	12 Months Ended
	Dec. 31, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	NOTE 4 – OIL AND GAS PRODUCING ACTIVITIES Set forth below is certain information regarding the aggregate capitalized costs of oil and gas properties and costs incurred by the Company for its oil and gas property acquisitions, development and exploration activities: As of December 31, 2015 2014 Proved oil and natural gas properties $ 269,590,374 $ 166,036,400 Office equipment 1,539,991 1,209,809 Total capitalized costs 271,130,365 167,246,209 Accumulated depletion, depreciation and amortization (29,863,838) (14,688,047) Net Capitalized Costs $ 241,266,527 $ 152,558,162 For the years Ended December 31, 2015 2014 Acquisition of proved properties $ 81,264,187 $ 15,812,995 Development costs 31,601,990 92,182,681 Total Net Costs Incurred $ 112,866,177 $ 107,995,676

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 5 – NOTES PAYABLE Notes Payable – 100 500 June 26, 2020 The Borrowing Base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The Borrowing Base will be redetermined semi-annually on each May 1 and November 1, beginning November 1, 2015 The Credit Facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Facility). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 1.75 2.75 The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage). 2.46 The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not more than 4.0 to 1.0 and (ii) a minimum current ratio of 1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of December 31, 2015, the Company was in compliance with all covenants contained in the Credit Facility, and $ 45,900,000

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	NOTE 6 – ASSET RETIREMENT OBLIGATION Balance, December 31, 2012 $ 496,286 Liabilities incurred 481,296 Revision of estimate 211,691 Liabilities settled (60,544) Accretion expense 53,681 Balance, December 31, 2013 $ 1,182,410 Liabilities acquired 575,977 Liabilities incurred 2,022,445 Liabilities settled (39,316) Accretion expense 154,973 Balance, December 31, 2014 $ 3,896,489 Liabilities acquired 3,361,634 Liabilities incurred 171,635 Liabilities settled (446,192) Accretion expense 418,384 Balance, December 31, 2015 $ 7,401,950

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 7 – STOCKHOLDERS’ EQUITY The Company is authorized to issue 150,000,000 0.001 50,000,000 Common Stock Issued in Private Offering 100,000 450,000 4.50 In June 2013, the Company issued 3,528,580 19,407,190 5.50 18,522,657 884,533 In June 2014, the Company closed on an offering of 2,000,001 15.00 30,000,015 1,485,328 Common Stock Issued in Public Offering 5,750,000 57,500,000 10.00 54,229,033 3,270,967 In June 2015, the Company closed an underwritten public offering of 4,500,000 11.50 51,750,000 100,000 11.50 1,150,000 50,039,853 2,860,147 Common Stock Issued for Services 10,000 100,000 10.00 In July 2014, the Company issued 5,000 87,050 17.41 Common Stock Issued for option exercises 138,547 68,547 79,000 10,543 70,000 215,000 During 2015, the Company issued a total 57,475 16,875 25,000 8,125 40,600 134,800 Common Stock Issued as Consideration for Property Acquisitions 8,783 130,428 14.85 In December 2014, the Company issued 5,823 51,941 8.92

EMPLOYEE STOCK OPTIONS AND REST

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 8 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN In 2011, the Company’s Board of Directors approved and adopted a long term incentive plan, which was subsequently approved and amended by the shareholders. There were 1,874,250 – Following is a table reflecting the issuances during 2013, 2014 and 2015 and their related exercise prices: Grant date # of options Exercise price January 1, 2013 1,375,000 $ 4.50 February 13, 2013 25,000 4.50 March 15, 2013 150,000 5.50 June 25, 2013 35,000 7.50 December 16, 2013 100,000 10.00 April 11, 2014 5,000 $ 16.99 September 25, 2014 23,000 14.54 October 13, 2014 2,500 13.12 November 18, 2014 45,000 12.79 December 1, 2014 293,000 8.00 April 1, 2015 3,750 $ 10.89 December 9, 2015 291,000 8.25 2,348,250 20 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Options Exercise Price Options Exercise Price Options Exercise Price Outstanding at beginning of the year 2,684,500 $ 4.67 2,647,500 $ 4.01 1,125,000 $ 2.37 Issued 294,750 8.28 368,500 9.15 1,685,000 4.98 Forfeited (32,500) 4.47 (177,500) 5.62 (137,500) 2.55 Exercised (65,600) 3.46 (154,000) 2.90 (25,000) 3.50 Outstanding at end of year 2,881,150 $ 5.07 2,684,500 $ 4.67 2,647,500 $ 4.01 Exercisable at end of year 1,214,000 $ 3.85 728,000 $ 3.22 662,500 $ 3.13 Weighted average fair value of options granted during the year $ 6.55 $ 7.55 $ 4.35 The Company uses the Black-Scholes option pricing model to calculate the fair-value of each option grant. The expected volatility is based on the historical price volatility of the Company’s common stock. We elected to use the simplified method for estimating the expected term as allowed by generally accepted accounting principles for options granted during the years ended December 31, 2015, 2014 and 2013. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Company’s anticipated cash dividend over the expected life of the stock options. Risk free interest rate Expected life (years) Dividend yield Volatility January 1, 2013 0.76 % 6.5 - 138 % February 13, 2013 0.92 % 6.5 - 137 % March 15, 2013 0.84 % 6.5 - 132 % June 25, 2013 1.49 % 6.5 - 128 % December 16, 2013 1.55 % 6.5 - 119 % April 11, 2014 1.58 % 6.5 - 114 % September 25, 2014 1.75 % 6.5 - 108 % October 13, 2014 1.45 % 6.5 - 107 % November 18, 2014 1.66 % 6.5 - 106 % December 1, 2014 1.52 % 6.5 - 108 % April 1, 2015 1.32 % 6.5 - 103 % December 9, 2015 1.64 % 6.5 - 100 % As of December 31, 2015, there was $ 4,259,234 2.5 7,149,300 4,170,000 7.05 Options exercised of 65,600 154,000 25,000 476,642 2,159,330 149,000 Options Outstanding Weighted-Average Remaining Number Contractual Life Number Exercise price Outstanding (in years) Exercisable 2.00 695,000 5.92 545,000 4.50 1,385,000 6.98 540,000 5.50 25,000 7.20 10,000 7.50 29,000 7.48 11,000 10.00 90,000 7.96 36,000 16.99 5,000 8.28 1,000 14.54 20,000 8.73 4,000 12.79 45,000 8.88 9,000 8.00 292,400 8.92 58,000 10.89 3,750 9.25 - 8.25 291,000 9.94 - 2,881,150 7.31 1,214,000 Any excess tax benefits from the exercise of stock options will not be recognized in paid-in capital until the Company is in a current tax paying position. Presently, the company has a net loss and therefore not yet subject to income taxes. Accordingly, no excess tax benefits have been recognized for the years ended December 31, 2015, 2014 or 2013.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 9 – RELATED PARTY TRANSACTIONS The Company is leasing office space from Arenaco, LLC, a company that is owned by two of stockholders’ of the Company, Mr. Rochford, Chairman of the Board of the Company, and Mr. McCabe, a Director of the Company. During the years ended December 31, 2015, 2014 and 2013, the Company paid an $ 60,000 60,000 52,000

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 10 – COMMITMENTS AND CONTINGENT LIABILITIES Standby Letters of Credit – 280,000 Operating leases 15,000 3,700 3,700 2,000 526,658 167,120 141,593 Year Lease Obligation 2016 $ 574,803 2017 547,235 2018 71,700 $ 1,193,738 Litigation – Rosalyn Newman, on behalf of herself and others similarly situated, Plaintiff, v. Ring Energy, Inc., et al. Defendants,

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 11 – INCOME TAXES For the years ended December 31, 2015, 2014 and 2013, components of our provision for income taxes are as follows: Provision for Income Taxes 2015 2014 2013 Deferred taxes $ (5,003,713) $ 4,235,739 $ 77,701 Provision for (Benefit from) Income Taxes $ (5,003,713) $ 4,235,739 $ 77,701 Rate Reconciliation 2015 2014 2013 Tax at federal statutory rate (34%) $ (4,779,205) $ 4,303,121 $ (127,333) Non-deductible expenses 6,599 4,465 4,450 Excess tax benefit from stock option exercises (89,597) (595,322) - Adjust prior estimates to tax return - 396,061 213,431 States taxes, net of Federal benefit (141,510) 127,414 (17,864) Effect of tax rates lower than statutory rate - - 5,017 Provision for (Benefit from) Income Taxes $ (5,003,713) $ 4,235,739 $ 77,701 Deferred Taxes: 2015 2014 Deferred tax liabilities Property and equipment $ 24,398,458 $ 25,683,495 Deferred tax assets Stock-based compensation 3,066,518 2,253,286 Operating loss and IDC carryforwards 21,396,263 18,490,819 Deferred tax assets 24,462,781 20,744,105 Net deferred income tax liability (asset) $ (64,323) $ 4,939,390 As of December 31, 2015, the Company had net operating loss carry forwards for federal income tax reporting purposes of approximately $ 63.1 2027 2035

QUARTERLY FINANCIAL DATE (UNAUD

QUARTERLY FINANCIAL DATE (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	NOTE 12 – QUARTERLY FINANCIAL DATE (UNAUDITED) 2013 Three Months Ended March 31 June 30 September 30 December 31 Revenues $ 1,151,597 $ 1,291,579 $ 2,820,731 $ 5,051,794 Operating Income (Loss) (965,280) (890,393) (143,735) 1,610,084 Net Income (Loss) (965,280) (890,393) (131,493) 1,534,957 Basic Net Income (Loss) Per Share $ (0.07) $ (0.06) $ (0.01) $ 0.08 Diluted New Income (Loss) Per Share (0.07) (0.06) $ (0.01) 0.08 2014 Three Months Ended March 31 June 30 September 30 December 31 Revenues $ 5,970,452 $ 11,204,238 $ 10,929,771 $ 9,984,982 Operating Income 1,804,352 4,459,373 2,724,204 3,582,346 Net Income 1,163,689 2,821,738 1,726,469 2,708,604 Basic Net Income Per Share $ 0.05 $ 0.12 $ 0.07 $ 0.11 Diluted New Income Per Share 0.05 0.11 0.06 0.10 2015 Three Months Ended March 31 June 30 September 30 December 31 Revenues $ 6,045,701 $ 8,976,790 $ 8,629,007 $ 7,362,394 Operating Income (Loss) (1,549,389) 1,019,686 (1,473,514) (11,311,117) Net Income (Loss) (975,624) 534,167 (1,138,268) (7,473,046) Basic Net Income (Loss) Per Share $ (0.04) $ 0.02 $ (0.04) $ (0.25) Diluted New Income (Loss) Per Share (0.04) 0.02 (0.04) (0.25)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 13 – SUBSEQUENT EVENTS We have evaluated subsequent events after the balance sheet date of December 31, 2015 through the time of filing with the SEC on March 15, 2016, which is the date the financial statements were issued. On December 9, 2015, Ring issued option awards to its named executive officers and directors. On January 13, 2016, upon the recommendation of the Compensation Committee, Ring rescinded the option awards granted to its employees and directors (other than Messrs McCabe and Rochford, who are the members of the Compensation Committee) as the result of a significant decline in the stock price and re-issued the the option awards as of that date to meet the goals and objectives of the Company’s equity based compensation program.

ORGANIZATION AND SUMMARY OF S20

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization And Nature Of Operations [Policy Text Block]	Organization and Nature of Operations – Ring Energy, Inc. is a Nevada corporation. Ring Energy, Inc. is referred to herein as the “Company.” The Company owns interests in oil and gas properties located in Texas and Kansas and is engaged primarily in the acquisition, exploration and development of oil and gas properties and the production and sale of oil and natural gas.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the future results of operations.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Non-financial Assets and Liabilities – The Company also applies fair value accounting guidance to initially, or as events dictate, measure non-financial assets and liabilities such as those obtained through business acquisitions, property and equipment and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two as considered appropriate based on the circumstances. Under the discounted cash flow method, estimated future cash flows are based on managements’ expectations for the future and include estimates of future oil and natural gas production or other applicable sales estimates, operational costs and a risk-adjusted discount rate. The Company may use the present value of estimated future cash inflows and/or outflows or third-party offers or prices of comparable assets with consideration of current market conditions to value its non-financial assets and liabilities when circumstances dictate determining fair value is necessary. Given the significance of the unobservable nature of a number of the inputs, these are considered Level 3 on the fair value hierarchy.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk and Accounts Receivable – Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and accounts receivable. The Company has cash in excess of federally insured limits of $ 4,181,350 Substantially all of the Company’s accounts receivable is from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at December 31, 2015 and 2014. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash – The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Oil and Gas Properties Policy [Policy Text Block]	Oil and Gas Properties – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas properties are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter this liability is accreted up to the final retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relate to future plugging and abandonment expenses of its oil and gas properties and related facilities disposal. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs to plug and abandon wells and costs of site restoration, less the estimated salvage value of equipment associated with the oil and gas properties, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is offset to the capitalized costs to be amortized. For the Years Ended December 31, 2015 2014 2013 Depletion $ 14,889,487 $ 11,680,537 $ 2,223,477 Depletion rate, per barrel-of-oil-equivalent (BOE) $ 20.03 $ 25.20 $ 20.27 In addition, capitalized costs less accumulated amortization and related deferred income taxes shall not exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted ten percent computed in compliance with SEC guidelines; 2) plus the cost of properties not being amortized; 3) plus the lower of cost or estimated fair value of unproven properties included in the costs being amortized; 4) less income tax effects related to differences between the book and tax basis of the properties. For the year ended December 31, 2015, the Company took a write down on oil and gas properties as a result of the ceiling test in the amount of $ 9,312,203
Property, Plant and Equipment, Policy [Policy Text Block]	Land, Buildings, Equipment and Leasehold Improvements – Land, buildings, equipment and leasehold improvements are valued at historical cost, adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of land, buildings, equipment and leasehold improvements and placing them in service. Buildings and improvements 30 years Office equipment and software 5-7 years Machinery and equipment 5-7 years Depreciation expense was $ 286,304 127,257 60,614
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition – The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. Revenue is recorded in the month the product is delivered to the purchaser. At the end of each month, the Company estimates the amount of production delivered to purchasers and the price received. Variances between the Company’s estimated revenue and actual payment are recorded in the month the payment is received; however, differences have been insignificant.
Income Tax, Policy [Policy Text Block]	Income Taxes – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, and tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.
Accounting for Uncertainty in Income Taxes [Policy Text Block]	Accounting for Uncertainty in Income Taxes – In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years in such jurisdictions. The Company has identified its federal income tax return and its state income tax returns in Texas and Kansas in which it operates as “major” tax jurisdictions. The Company’s federal and Kansas income tax returns for the years ended December 31, 2012 through 2015 remain subject to examination. The Company’s franchise tax returns in Texas remain subject to examination for 2011 through 2015. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by generally accepted accounting principles. No interest or penalties have been levied against the Company and none are anticipated; therefore, no interest or penalty has been included in our provision for income taxes in the statements of operations.
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Share – Basic earnings (loss) per share is computed by dividing net income by the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share are calculated to give effect to potentially issuable dilutive common shares.
Major Customers, Policy [Policy Text Block]	Major Customers – During the year ended December 31, 2015, sales to three customers represented 48 23 20 30 53 0 75 18 45 37 97 99
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Employee and Non-Employee Compensation – The Company has outstanding stock options to directors, employees and contract employees, which are described more fully in Note 8. The Company accounts for its stock options grants in accordance with generally accepted accounting principles. Generally accepted accounting principles require the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Generally accepted accounting principles also requires stock option compensation expense to be recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). Stock-based employee compensation incurred for the years ended December 31, 2015, 2014 and 2013 was $ 2,566,716 2,517,211 3,489,022
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncement – Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In April 2015, the FASB issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." (“ASU No. 2015-03”). The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the update. For public entities, the guidance is effective for reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”which allows for debt issuance costs related to line-of-credit arrangements to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangements, regardless of whether there are any outstanding borrowings on the line-of-credit arrangements. For public entities, the guidance is effective for reporting periods beginning after December 15, 2015, and it is not expected to have a material impact on our financial statements.

ORGANIZATION AND SUMMARY OF S21

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule Of Depletion and Depletion Rate Per Barrel Of Oil Equivalents [Table Text Block]	The following table shows total depletion and depletion per barrel-of-oil-equivalent rate, for the years ended December 31, 2015, 2014 and 2013. For the Years Ended December 31, 2015 2014 2013 Depletion $ 14,889,487 $ 11,680,537 $ 2,223,477 Depletion rate, per barrel-of-oil-equivalent (BOE) $ 20.03 $ 25.20 $ 20.27
Schedule Of Property Plant And Equipment Estimated Useful Lives [Table Text Block]	Depreciation of buildings and equipment is calculated using the straight-line method based upon the following estimated useful lives: Buildings and improvements 30 years Office equipment and software 5-7 years Machinery and equipment 5-7 years

EARNINGS (LOSS) PER SHARE INF22

EARNINGS (LOSS) PER SHARE INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the years ended December 31, 2015 2014 2013 Net Income (Loss) $ (9,052,771) $ 8,420,500 $ (452,209) Basic Weighted-Average Shares Outstanding 28,176,924 24,739,795 16,376,911 Effect of dilutive securities: Stock options - 1,150,490 - Diluted Weighted-Average Shares Outstanding 28,176,924 25,890,285 16,376,911 Basic Earnings (Loss) per Share $ (0.32) $ 0.34 $ (0.03) Diluted Earnings (Loss) per Share $ (0.32) $ 0.33 $ (0.03)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table summarizes the fair values of the assets acquired and the liabilities assumed: Assets acquired Proved oil and natural gas properties $ 78,361,634 Accounts receivable 400,629 Liabilities assumed Accounts payable (1,562,147) Asset retirement obligations (3,361,634) Total Identifiable Net Assets $ 73,838,482
Business Acquisition, Pro Forma Information [Table Text Block]	The following unaudited pro forma information is presented to reflect the operations of the Company as if the Ford West Field and Ford Geraldine Unit acquisition had been completed on January 1, 2015, 2014 and 2013, respectively. For the years ended December 31, 2015 2014 2013 Oil and Gas Revenues $ 37,253,437 $ 74,303,242 $ 58,279,167 Net Income (Loss) $ (9,097,288) $ 18,186,433 $ 16,377,036 Basic Earnings (Loss) per Share $ (0.32) $ 0.34 $ (0.03) Diluted Earnings (Loss) per Share $ (0.32) $ 0.33 $ (0.03)

OIL AND GAS PRODUCING ACTIVIT24

OIL AND GAS PRODUCING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]	As of December 31, 2015 2014 Proved oil and natural gas properties $ 269,590,374 $ 166,036,400 Office equipment 1,539,991 1,209,809 Total capitalized costs 271,130,365 167,246,209 Accumulated depletion, depreciation and amortization (29,863,838) (14,688,047) Net Capitalized Costs $ 241,266,527 $ 152,558,162
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	Net Costs Incurred in Oil and Gas Producing Activities For the years Ended December 31, 2015 2014 Acquisition of proved properties $ 81,264,187 $ 15,812,995 Development costs 31,601,990 92,182,681 Total Net Costs Incurred $ 112,866,177 $ 107,995,676

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	A reconciliation of the asset retirement obligation for the years ended December 31, 2013, 2014 and 2015 is as follows: Balance, December 31, 2012 $ 496,286 Liabilities incurred 481,296 Revision of estimate 211,691 Liabilities settled (60,544) Accretion expense 53,681 Balance, December 31, 2013 $ 1,182,410 Liabilities acquired 575,977 Liabilities incurred 2,022,445 Liabilities settled (39,316) Accretion expense 154,973 Balance, December 31, 2014 $ 3,896,489 Liabilities acquired 3,361,634 Liabilities incurred 171,635 Liabilities settled (446,192) Accretion expense 418,384 Balance, December 31, 2015 $ 7,401,950

EMPLOYEE STOCK OPTIONS AND RE26

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]	Employee Stock Options – Following is a table reflecting the issuances during 2013, 2014 and 2015 and their related exercise prices: Grant date # of options Exercise price January 1, 2013 1,375,000 $ 4.50 February 13, 2013 25,000 4.50 March 15, 2013 150,000 5.50 June 25, 2013 35,000 7.50 December 16, 2013 100,000 10.00 April 11, 2014 5,000 $ 16.99 September 25, 2014 23,000 14.54 October 13, 2014 2,500 13.12 November 18, 2014 45,000 12.79 December 1, 2014 293,000 8.00 April 1, 2015 3,750 $ 10.89 December 9, 2015 291,000 8.25 2,348,250
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	All granted options vest at the rate of 20 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Options Exercise Price Options Exercise Price Options Exercise Price Outstanding at beginning of the year 2,684,500 $ 4.67 2,647,500 $ 4.01 1,125,000 $ 2.37 Issued 294,750 8.28 368,500 9.15 1,685,000 4.98 Forfeited (32,500) 4.47 (177,500) 5.62 (137,500) 2.55 Exercised (65,600) 3.46 (154,000) 2.90 (25,000) 3.50 Outstanding at end of year 2,881,150 $ 5.07 2,684,500 $ 4.67 2,647,500 $ 4.01 Exercisable at end of year 1,214,000 $ 3.85 728,000 $ 3.22 662,500 $ 3.13 Weighted average fair value of options granted during the year $ 6.55 $ 7.55 $ 4.35
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following are the Black-Scholes weighted-average assumptions used for options granted during the periods ended December 31, 2015, 2014 and 2013: Risk free interest rate Expected life (years) Dividend yield Volatility January 1, 2013 0.76 % 6.5 - 138 % February 13, 2013 0.92 % 6.5 - 137 % March 15, 2013 0.84 % 6.5 - 132 % June 25, 2013 1.49 % 6.5 - 128 % December 16, 2013 1.55 % 6.5 - 119 % April 11, 2014 1.58 % 6.5 - 114 % September 25, 2014 1.75 % 6.5 - 108 % October 13, 2014 1.45 % 6.5 - 107 % November 18, 2014 1.66 % 6.5 - 106 % December 1, 2014 1.52 % 6.5 - 108 % April 1, 2015 1.32 % 6.5 - 103 % December 9, 2015 1.64 % 6.5 - 100 %
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	The following table summarizes information related to the Company’s stock options outstanding at December 31, 2015: Options Outstanding Weighted-Average Remaining Number Contractual Life Number Exercise price Outstanding (in years) Exercisable 2.00 695,000 5.92 545,000 4.50 1,385,000 6.98 540,000 5.50 25,000 7.20 10,000 7.50 29,000 7.48 11,000 10.00 90,000 7.96 36,000 16.99 5,000 8.28 1,000 14.54 20,000 8.73 4,000 12.79 45,000 8.88 9,000 8.00 292,400 8.92 58,000 10.89 3,750 9.25 - 8.25 291,000 9.94 - 2,881,150 7.31 1,214,000

COMMITMENTS AND CONTINGENT LI27

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following table reflects the future minimum lease payments under the operating lease as of December 31, 2015. Year Lease Obligation 2016 $ 574,803 2017 547,235 2018 71,700 $ 1,193,738

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	For the years ended December 31, 2015, 2014 and 2013, components of our provision for income taxes are as follows: Provision for Income Taxes 2015 2014 2013 Deferred taxes $ (5,003,713) $ 4,235,739 $ 77,701 Provision for (Benefit from) Income Taxes $ (5,003,713) $ 4,235,739 $ 77,701
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes: Rate Reconciliation 2015 2014 2013 Tax at federal statutory rate (34%) $ (4,779,205) $ 4,303,121 $ (127,333) Non-deductible expenses 6,599 4,465 4,450 Excess tax benefit from stock option exercises (89,597) (595,322) - Adjust prior estimates to tax return - 396,061 213,431 States taxes, net of Federal benefit (141,510) 127,414 (17,864) Effect of tax rates lower than statutory rate - - 5,017 Provision for (Benefit from) Income Taxes $ (5,003,713) $ 4,235,739 $ 77,701
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The net deferred taxes consisted of the following at December 31, 2015 and 2014: Deferred Taxes: 2015 2014 Deferred tax liabilities Property and equipment $ 24,398,458 $ 25,683,495 Deferred tax assets Stock-based compensation 3,066,518 2,253,286 Operating loss and IDC carryforwards 21,396,263 18,490,819 Deferred tax assets 24,462,781 20,744,105 Net deferred income tax liability (asset) $ (64,323) $ 4,939,390

QUARTERLY FINANCIAL DATE (UNA29

QUARTERLY FINANCIAL DATE (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	2013 Three Months Ended March 31 June 30 September 30 December 31 Revenues $ 1,151,597 $ 1,291,579 $ 2,820,731 $ 5,051,794 Operating Income (Loss) (965,280) (890,393) (143,735) 1,610,084 Net Income (Loss) (965,280) (890,393) (131,493) 1,534,957 Basic Net Income (Loss) Per Share $ (0.07) $ (0.06) $ (0.01) $ 0.08 Diluted New Income (Loss) Per Share (0.07) (0.06) $ (0.01) 0.08 2014 Three Months Ended March 31 June 30 September 30 December 31 Revenues $ 5,970,452 $ 11,204,238 $ 10,929,771 $ 9,984,982 Operating Income 1,804,352 4,459,373 2,724,204 3,582,346 Net Income 1,163,689 2,821,738 1,726,469 2,708,604 Basic Net Income Per Share $ 0.05 $ 0.12 $ 0.07 $ 0.11 Diluted New Income Per Share 0.05 0.11 0.06 0.10 2015 Three Months Ended March 31 June 30 September 30 December 31 Revenues $ 6,045,701 $ 8,976,790 $ 8,629,007 $ 7,362,394 Operating Income (Loss) (1,549,389) 1,019,686 (1,473,514) (11,311,117) Net Income (Loss) (975,624) 534,167 (1,138,268) (7,473,046) Basic Net Income (Loss) Per Share $ (0.04) $ 0.02 $ (0.04) $ (0.25) Diluted New Income (Loss) Per Share (0.04) 0.02 (0.04) (0.25)

ORGANIZATION AND SUMMARY OF S30

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / Barrelofoilequivalent	Dec. 31, 2014USD ($)$ / Barrelofoilequivalent	Dec. 31, 2013USD ($)$ / Barrelofoilequivalent
Organization And Summary Of Significant Accounting Policies [Line Items]
Depletion | $	$ 14,889,487	$ 11,680,537	$ 2,223,477
Depletion rate, per barrel-of-oil-equivalent (BOE) | $ / Barrelofoilequivalent	20.03	25.20	20.27

ORGANIZATION AND SUMMARY OF S31

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Dec. 31, 2015
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Office Equipment [Member] | Computer Software, Intangible Asset [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] | Computer Software, Intangible Asset [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years

ORGANIZATION AND SUMMARY OF S32

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization And Summary Of Significant Accounting Policies [Line Items]
Fair Value, Concentration of Risk, Cash and Cash Equivalents	$ 4,181,350
Depreciation	286,304	$ 127,257	$ 60,614
Share-based Compensation	2,566,716	$ 2,517,211	$ 3,489,022
Impairment of Oil and Gas Properties	$ 9,312,203
Sales Revenue, Net [Member] | Customer One [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	48.00%	75.00%	97.00%
Sales Revenue, Net [Member] | Customer Two [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	23.00%	18.00%
Sales Revenue, Net [Member] | Customer Three [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	20.00%
Accounts Receivable [Member] | Customer One [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	30.00%	45.00%	99.00%
Accounts Receivable [Member] | Customer Two [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	53.00%	37.00%
Accounts Receivable [Member] | Customer Three [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	0.00%

EARNINGS (LOSS) PER SHARE INF33

EARNINGS (LOSS) PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss)	$ (7,473,046)	$ (1,138,268)	$ 534,167	$ (975,624)	$ 2,708,604	$ 1,726,469	$ 2,821,738	$ 1,163,689	$ 1,534,957	$ (131,493)	$ (890,393)	$ (965,280)	$ (9,052,771)	$ 8,420,500	$ (452,209)
Basic Weighted-Average Shares Outstanding													28,176,924	24,739,795	16,376,911
Effect of dilutive securities:
Stock options													0	1,150,490	0
Diluted Weighted-Average Shares Outstanding													28,176,924	25,890,285	16,376,911
Basic Earnings (Loss) per Share	$ (0.25)	$ (0.04)	$ 0.02	$ (0.04)	$ 0.11	$ 0.07	$ 0.12	$ 0.05	$ 0.08	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.32)	$ 0.34	$ (0.03)
Diluted Earnings (Loss) per Share	$ (0.25)	$ (0.04)	$ 0.02	$ (0.04)	$ 0.10	$ 0.06	$ 0.11	$ 0.05	$ 0.08	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.32)	$ 0.33	$ (0.03)

EARNINGS (LOSS) PER SHARE INF34

EARNINGS (LOSS) PER SHARE INFORMATION (Details Textual) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,881,150	455,500	2,647,500

ACQUISITIONS (Details)

ACQUISITIONS (Details)	Dec. 31, 2015USD ($)
Assets acquired
Proved oil and natural gas properties	$ 78,361,634
Accounts receivable	400,629
Liabilities assumed
Accounts payable	(1,562,147)
Asset retirement obligations	(3,361,634)
Total Identifiable Net Assets	$ 73,838,482

ACQUISITIONS (Details 1)

ACQUISITIONS (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Oil and Gas Revenues	$ 37,253,437	$ 74,303,242	$ 58,279,167
Net Income (Loss)	$ (9,097,288)	$ 18,186,433	$ 16,377,036
Basic Earnings (Loss) per Share	$ (0.32)	$ 0.34	$ (0.03)
Diluted Earnings (Loss) per Share	$ (0.32)	$ 0.33	$ (0.03)

ACQUISITIONS (Details Textual)

ACQUISITIONS (Details Textual)	1 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)a	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Gas and Oil Area, Developed, Net | a	19,679
Gas and Oil Area, Developed, Gross | a	19,983
Payments to Acquire Businesses, Net of Cash Acquired, Total	$ 75,000,000
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired	286,563
Noncash or Part Noncash Acquisition, Payables Assumed	$ 742,332
Business Combination, Acquisition Related Costs		$ 129,896
Average Working Interest [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	98.00%
Average Net Revenue Interest [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	79.00%

OIL AND GAS PRODUCING ACTIVIT38

OIL AND GAS PRODUCING ACTIVITIES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved oil and natural gas properties	$ 269,590,374	$ 166,036,400
Office equipment	1,539,991	1,209,809
Total capitalized costs	271,130,365	167,246,209
Accumulated depletion, depreciation and amortization	(29,863,838)	(14,688,047)
Net Capitalized Costs	$ 241,266,527	$ 152,558,162

OIL AND GAS PRODUCING ACTIVIT39

OIL AND GAS PRODUCING ACTIVITIES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Acquisition of proved properties	$ 81,264,187	$ 15,812,995
Development costs	31,601,990	92,182,681
Total Net Costs Incurred	$ 112,866,177	$ 107,995,676

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Line of Credit Facility, Interest Rate Description	The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agents prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage).
Leverage Ratio, Total	4.0 to 1.0
Minimum Leverage Ratio Current	1.0 to 1.0
Debt Instrument, Redemption, Description	The Borrowing Base will be redetermined semi-annually on each May 1 and November 1, beginning November 1, 2015
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period	2.46%
Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000,000
Line of Credit Facility, Expiration Date	Jun. 26, 2020
Line of Credit Facility, Fair Value of Amount Outstanding	$ 45,900,000

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Asset Retirement Obligation [Line Items]
Balance	$ 3,896,489	$ 1,182,410	$ 496,286
Liabilities acquired	3,361,634	575,977
Liabilities incurred	171,635	2,022,445	481,296
Revision of estimate	0	0	211,691
Liabilities settled	(446,192)	(39,316)	(60,544)
Accretion expense	418,384	154,973	53,681
Balance	$ 7,401,950	$ 3,896,489	$ 1,182,410

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended										12 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Jun. 30, 2014	Dec. 31, 2013	Oct. 31, 2013	Jun. 30, 2013	Jan. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Common Stock, Shares Authorized			150,000,000								150,000,000	150,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001								$ 0.001	$ 0.001
Preferred Stock, Shares Authorized			50,000,000								50,000,000	50,000,000
Stock Issued During Period, Value, New Issues											$ 50,039,853	$ 28,514,686	$ 73,201,690
Proceeds from issuance of common stock											50,039,853	28,514,686	73,201,690
Payments of Stock Issuance Costs											2,860,147
Stock Issued During Period, Value, Stock Options Exercised											$ 134,800	215,000	67,500
Stock Issued During Period, Value, Issued for Services												$ 87,050	$ 100,000
Equity Option [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period											65,600	154,000	25,000
Stock Option One [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares Stock Options Cashless Exercised											25,000	79,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period											16,875	68,547
Stock Option Two [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period											40,600	70,000
Stock Issued During Period, Value, Stock Options Exercised											$ 134,800	$ 215,000
Common Stock [Member]
Class of Stock [Line Items]
Share Price			$ 8.92	$ 14.85	$ 17.41			$ 10				$ 8.92
Stock Issued During Period Value, Issued For Consideration			$ 51,941	$ 130,428
Stock Issued During Period Shares, Issued For Consideration			5,823	8,783
Stock Issued During Period, Shares, Issued for Services					5,000			10,000
Stock Issued During Period, Value, Issued for Services					$ 87,050			$ 100,000
Common Stock [Member] | Equity Option [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period											57,475	138,547
Common Stock [Member] | Exercise Price 4.50 [Member] | Equity Option [Member]
Class of Stock [Line Items]
Stock Options Exercise Shares Held Shares											8,125	10,543
Common Stock [Member] | Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	100,000	4,500,000					5,750,000
Stock Issued During Period, Value, New Issues							$ 57,500,000
Share Price							$ 10						$ 10
Proceeds from issuance of common stock	$ 1,150,000	$ 51,750,000					$ 54,229,033
Payments of Stock Issuance Costs							$ 3,270,967
Sale of Stock, Price Per Share	$ 11.50	$ 11.50
Common Stock [Member] | Private Placement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues						2,000,001			3,528,580	100,000
Stock Issued During Period, Value, New Issues									$ 19,407,190	$ 450,000
Share Price						$ 15			$ 5.50	$ 4.50
Proceeds from issuance of common stock						$ 30,000,015			$ 18,522,657
Payments of Stock Issuance Costs						$ 1,485,328			$ 884,533

EMPLOYEE STOCK OPTIONS AND RE43

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	2,348,250
January 1, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	1,375,000
Exercise price of options | $ / shares	$ 4.50
February 13, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	25,000
Exercise price of options | $ / shares	$ 4.50
March 15, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	150,000
Exercise price of options | $ / shares	$ 5.50
June 25, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	35,000
Exercise price of options | $ / shares	$ 7.50
December 16, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	100,000
Exercise price of options | $ / shares	$ 10
April 11, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	5,000
Exercise price of options | $ / shares	$ 16.99
September 25, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	23,000
Exercise price of options | $ / shares	$ 14.54
October 13, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	2,500
Exercise price of options | $ / shares	$ 13.12
November 18, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	45,000
Exercise price of options | $ / shares	$ 12.79
December 1, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	293,000
Exercise price of options | $ / shares	$ 8
April 1, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	3,750
Exercise price of options | $ / shares	$ 10.89
December 9, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuances of options	291,000
Exercise price of options | $ / shares	$ 8.25

EMPLOYEE STOCK OPTIONS AND RE44

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Issued	2,348,250
Options Outstanding at end of year	2,881,150
Options Exercisable at end of year	1,214,000
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding at beginning of the year	2,684,500	2,647,500	1,125,000
Options Issued	294,750	368,500	1,685,000
Options Forfeited	(32,500)	(177,500)	(137,500)
Options Exercised	(65,600)	(154,000)	(25,000)
Options Outstanding at end of year	2,881,150	2,684,500	2,647,500
Options Exercisable at end of year	1,214,000	728,000	662,500
Weighted Average Exercise Price of Options Outstanding at beginning of the year	$ 4.67	$ 4.01	$ 2.37
Weighted Average Exercise Price of Options Granted	8.28	9.15	4.98
Weighted Average Exercise Price of Options Forfeited	4.47	5.62	2.55
Weighted Average Exercise Price of Options Exercised	3.46	2.90	3.50
Weighted Average Exercise Price of Options Outstanding at end of year	5.07	4.67	4.01
Weighted Average Exercise Price of Options Exercisable at end of year	3.85	3.22	3.13
Weighted average fair value of options granted during the year	$ 6.55	$ 7.55	$ 4.35

EMPLOYEE STOCK OPTIONS AND RE45

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details 2)	12 Months Ended
	Dec. 31, 2015
January 1, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.76%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	138.00%
February 13, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.92%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	137.00%
March 15, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.84%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	132.00%
June 25, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.49%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	128.00%
December 16, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.55%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	119.00%
April 11, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.58%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	114.00%
September 25, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.75%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	108.00%
October 13, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.45%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	107.00%
November 18, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.66%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	106.00%
December 1, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.52%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	108.00%
April 1, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.32%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	103.00%
December 9, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.64%
Expected life (years)	6 years 6 months
Dividend yield	0.00%
Volatility	100.00%

EMPLOYEE STOCK OPTIONS AND RE46

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details 3)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Number of Options Outstanding	2,881,150
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	7 years 3 months 22 days
Options Outstanding - Number of Options Exercisable	1,214,000
Exercise Price One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 2
Options Outstanding - Number of Options Outstanding	695,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	5 years 11 months 1 day
Options Outstanding - Number of Options Exercisable	545,000
Exercise Price Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 4.50
Options Outstanding - Number of Options Outstanding	1,385,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	6 years 11 months 23 days
Options Outstanding - Number of Options Exercisable	540,000
Exercise Price Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 5.50
Options Outstanding - Number of Options Outstanding	25,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	7 years 2 months 12 days
Options Outstanding - Number of Options Exercisable	10,000
Exercise Price Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 7.50
Options Outstanding - Number of Options Outstanding	29,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	7 years 5 months 23 days
Options Outstanding - Number of Options Exercisable	11,000
Exercise Price Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 10
Options Outstanding - Number of Options Outstanding	90,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	7 years 11 months 16 days
Options Outstanding - Number of Options Exercisable	36,000
Exercise Price Six [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 16.99
Options Outstanding - Number of Options Outstanding	5,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	8 years 3 months 11 days
Options Outstanding - Number of Options Exercisable	1,000
Exercise Price Seven [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 14.54
Options Outstanding - Number of Options Outstanding	20,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	8 years 8 months 23 days
Options Outstanding - Number of Options Exercisable	4,000
Exercise Price Eight [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 12.79
Options Outstanding - Number of Options Outstanding	45,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	8 years 10 months 17 days
Options Outstanding - Number of Options Exercisable	9,000
Exercise Price Nine [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 8
Options Outstanding - Number of Options Outstanding	292,400
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	8 years 11 months 1 day
Options Outstanding - Number of Options Exercisable	58,000
Exercise Price Ten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 10.89
Options Outstanding - Number of Options Outstanding	3,750
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	9 years 3 months
Options Outstanding - Number of Options Exercisable	0
Exercise Price Eleven [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 8.25
Options Outstanding - Number of Options Outstanding	291,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	9 years 11 months 8 days
Options Outstanding - Number of Options Exercisable	0

EMPLOYEE STOCK OPTIONS AND RE47

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,874,250
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 4,259,234
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 7,149,300
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 4,170,000
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 7.05
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 476,642	$ 2,159,330	$ 149,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	65,600	154,000	25,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Net	$ 60,000	$ 60,000	$ 52,000

COMMITMENTS AND CONTINGENT LI49

COMMITMENTS AND CONTINGENT LIABILITIES (Details)	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
2,016	$ 574,803
2,017	547,235
2,018	71,700
Total	$ 1,193,738

COMMITMENTS AND CONTINGENT LI50

COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | $	$ 100,000,000
Operating Leases, Rent Expense, Net | $	$ 60,000	$ 60,000	$ 52,000
Corporate Headquarters In Midland, Texas [Member]
Loss Contingencies [Line Items]
Area of Land | a	15,000
Former Corporate Headquarters In Midland, Texas [Member]
Loss Contingencies [Line Items]
Area of Land | a	3,700
Accounting Offices In Tulsa, Oklahoma [Member]
Loss Contingencies [Line Items]
Area of Land | a	3,700
Field Office In Andrews, Texas [Member]
Loss Contingencies [Line Items]
Area of Land | a	2,000
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | $	$ 280,000
Capital Lease Obligations [Member]
Loss Contingencies [Line Items]
Operating Leases, Rent Expense, Net | $	$ 526,658	$ 167,120	$ 141,593

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Provision for Income Taxes
Deferred taxes	$ (5,003,713)	$ 4,235,739	$ 77,701
Provision for (Benefit from) Income Taxes	$ (5,003,713)	$ 4,235,739	$ 77,701

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Rate Reconciliation
Tax at federal statutory rate (34%)	$ (4,779,205)	$ 4,303,121	$ (127,333)
Non-deductible expenses	6,599	4,465	4,450
Excess tax benefit from stock option exercises	(89,597)	(595,322)	0
Adjust prior estimates to tax return	0	396,061	213,431
States taxes, net of Federal benefit	(141,510)	127,414	(17,864)
Effect of tax rates lower than statutory rate	0	0	5,017
Provision for (Benefit from) Income Taxes	$ (5,003,713)	$ 4,235,739	$ 77,701

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax liabilities
Property and equipment	$ 24,398,458	$ 25,683,495
Deferred tax assets
Stock-based compensation	3,066,518	2,253,286
Operating loss and IDC carryforwards	21,396,263	18,490,819
Deferred tax assets	24,462,781	20,744,105
Net deferred income tax liability (asset)	$ (64,323)	$ 4,939,390

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%
Company Had Net Operating Loss Carry Forwards For Federal Income Tax Reporting Purposes Of Approximately In Millions	$ 63.1
Operating Loss Carry Forwards Expiration Starting Year	2,027
Operating Loss Carry Forwards Expiration Ending Year	2,035

QUARTERLY FINANCIAL DATE (UNA55

QUARTERLY FINANCIAL DATE (UNAUDITED) (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effect of Fourth Quarter Events [Line Items]
Revenues	$ 7,362,394	$ 8,629,007	$ 8,976,790	$ 6,045,701	$ 9,984,982	$ 10,929,771	$ 11,204,238	$ 5,970,452	$ 5,051,794	$ 2,820,731	$ 1,291,579	$ 1,151,597	$ 31,013,892	$ 38,089,443	$ 10,315,701
Operating Income (Loss)	(11,311,117)	(1,473,514)	1,019,686	(1,549,389)	3,582,346	2,724,204	4,459,373	1,804,352	1,610,084	(143,735)	(890,393)	(965,280)	(13,314,334)	12,570,275	(389,324)
Net Income (Loss)	$ (7,473,046)	$ (1,138,268)	$ 534,167	$ (975,624)	$ 2,708,604	$ 1,726,469	$ 2,821,738	$ 1,163,689	$ 1,534,957	$ (131,493)	$ (890,393)	$ (965,280)	$ (9,052,771)	$ 8,420,500	$ (452,209)
Basic Net Income (Loss) Per Share	$ (0.25)	$ (0.04)	$ 0.02	$ (0.04)	$ 0.11	$ 0.07	$ 0.12	$ 0.05	$ 0.08	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.32)	$ 0.34	$ (0.03)
Diluted New Income (Loss) Per Share	$ (0.25)	$ (0.04)	$ 0.02	$ (0.04)	$ 0.10	$ 0.06	$ 0.11	$ 0.05	$ 0.08	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.32)	$ 0.33	$ (0.03)