Osage Exploration & Development (OSGE) 10-Q/A 18 Nov 13 2013 Q3 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 07, 2013
Document And Entity Information	'	'
Entity Registrant Name	'OSAGE EXPLORATION & DEVELOPMENT INC	'
Entity Central Index Key	'0001405686	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'true	'
Amendment Description	'	'
	EXPLANATORY NOTE
	This Quarterly Report on Form 10-Q/A (“Form 10-Q/A”) is being filed as Amendment No. 1 (the “Amendment”) to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, which was filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2013 (the “Original Quarterly Report”). The purpose of the Amendment is to restate certain income statement amounts set forth in the Original Quarterly Report, as the Company has determined that certain results of operations of discontinued operations should have been excluded. The restatement has no impact on previously reported loss from continuing operations, income from discontinued operations after income taxes, net income, or basic or diluted earnings per share from continuing operations or discontinued operations.
	The effects of this restatement to our consolidated financial statements are described in Note 12 to the consolidated financial statements. We have not updated the financial statement disclosures for any significant events that have occurred subsequent to the filing of the Original Quarterly Report.
Current Fiscal Year End Date	'--12-31	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	49,854,675
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current Assets:	'	'
Cash and equivalents	$545,756	$486,205
Accounts receivable	3,409,675	371,544
Short term assets held for sale	409,827	114,568
Prepaid expenses	152,465	83,090
Deferred financing costs	2,068,586	2,924,472
Total current assets	6,586,309	3,979,879
Property and equipment, at cost:	'	'
Oil and gas properties and equipment (successful efforts method)	26,728,101	9,503,172
Other property & equipment	85,746	85,746
Total property and equipment, gross	26,813,847	9,588,918
Less: accumulated depletion, depreciation and amortization	-1,701,612	-289,490
Total property and equipment, net	25,112,235	9,299,428
Restricted cash	325,620	157,467
Long term assets held for sale	1,358,262	1,289,273
Note receivable	'	6,000
Total assets	33,382,426	14,732,047
Current liabilities:	'	'
Accounts payable	6,997,192	218,190
Income taxes payable	56,469	58,093
Accrued expenses	90,959	22,152
Commodity derivative liability current	370,398	'
Short term liabilities held for sale	190,944	1,325,287
Notes payable, net of $126,159 and $0 debt discount as of September 30, 2013 and December 31, 2012, respectively	17,373,841	3,000,000
Total current liabilities	25,079,803	4,623,722
Notes payable, net of $0 and $271,060 debt discount as of September 30, 2013 and December 31, 2012, respectively	'	2,228,940
Commodity derivative liability non current	136,726	'
Long term liabilities held for sale	75,345	'
Liability for asset retirement obligations	4,821	19
Total liabilities	25,296,695	6,852,681
Stockholders' Equity:	'	'
Common stock, $0.0001 par value, 190,000,000 shares authorized; 49,854,675 and 49,094,675 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	4,984	4,909
Additional paid-in capital	16,794,977	16,371,305
Stock purchase notes receivable	-95,000	-95,000
Accumulated deficit	-8,316,321	-8,074,786
Accumulated other comprehensive loss - currency translation loss	-302,909	-327,062
Total stockholders' equity	8,085,731	7,879,366
Total liabilities and stockholders' equity	$33,382,426	$14,732,047

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Notes payable, debt discount current	$126,159	$0
Notes payable, debt discount noncurrent	$0	$271,060
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	49,854,675	49,094,675
Common stock, shares outstanding	49,854,675	49,094,675

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Operating revenues	'	'	'	'
Oil revenues	$2,534,162	$679,919	$4,842,812	$1,584,335
Natural gas revenues	128,134	84,572	348,948	137,698
Total operating revenues	2,662,296	764,491	5,191,760	1,722,033
Operating costs and expenses	'	'	'	'
Operating costs	447,325	182,757	986,184	507,260
General and administrative expenses	531,056	435,098	1,923,899	1,816,080
Depreciation, depletion and accretion	728,486	186,934	1,343,498	486,857
Total operating costs and expenses	1,706,867	804,789	4,253,581	2,810,197
Operating income (loss)	955,429	-40,298	938,179	-1,088,164
Other income (expenses):	'	'	'	'
Interest income	221	215	1,361	2,710
Interest expense	-1,144,948	-490,407	-3,041,094	-832,172
Oil and gas derivatives	-599,832	'	-636,522	'
Loss from continuing operations before income taxes	-789,130	-530,490	-2,738,076	-1,917,626
Provision for income taxes	'	'	'	'
Loss from continuing operations	-789,130	-530,490	-2,738,076	-1,917,626
Discontinued operations:	'	'	'	'
Income from discontinued operations net of income taxes	590,318	781,466	2,496,541	2,011,144
Net income (loss)	-198,812	250,976	-241,535	93,518
Other comprehensive income (loss), net of tax:	'	'	'	'
Foreign currency translation adjustment attributable to discontinued operations	1,439	-2,515	24,153	-10,014
Comprehensive income (loss)	($197,373)	$248,461	($217,382)	$83,504
Basic income (loss) per share	'	'	'	'
Continuing operations	($0.02)	($0.01)	($0.06)	($0.04)
Discontinued operations	$0.01	$0.02	$0.05	$0.04
Diluted income (loss) per share	'	'	'	'
Continuing operations	($0.02)	($0.01)	($0.06)	($0.04)
Dicontinued operations	$0.01	$0.02	$0.05	$0.04
Weighted average number of common share and common share equivalents used to compute basic income (loss) per share	49,854,675	48,473,036	49,714,934	48,250,030
Weighted average number of common share and common share equivalents used to compute diluted income (loss) per share	49,854,675	50,540,982	49,714,934	49,451,852

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net (loss) income	($241,535)	$93,518
Adjustments to reconcile net (loss) to net cash provided by operating activities:	'	'
Shares issued for services	420,250	74,000
Warrants issued for services	'	448,111
Amortization of deferred financing costs	955,886	460,509
Amortization of debt discount	144,901	70,955
Write off of expired mineral rights leases	15,283	'
Accretion of asset retirement obligation	4,734	2,431
Provision for depletion and depreciation amortization and valuation allowance	1,458,223	565,705
Unrealised (gain) loss on oil and gas derivatives	507,124	'
Changes in operating assets and liabilities:	'	'
(Increase) in accounts receivable	-3,297,666	-156,676
(Increase) in prepaid expenses	-100,364	-105,553
(Decrease) in income tax payable	-1,624	-800
Increase in accounts payable and accrued expenses	5,538,274	337,434
Net cash (used) provided by operating activities	5,403,486	1,789,634
Cash flows from investing activities:	'	'
Investments in oil & gas properties	-17,374,532	-9,954,470
Net proceeds from assignment of leases	14,568	4,274,532
(Increase) in restricted cash	-168,153	-69,697
Proceeds from notes receivable	6,000	1,500
Net cash (used) by investing activities	-17,522,117	-5,748,135
Cash flows from financing activities:	'	'
Proceeds from secured promissory notes	12,000,000	3,500,000
Proceeds from term loan	367,520	'
Principal payments on term loan	-118,205	'
Proceeds from exercise of warrants	3,500	2,000
Payment of deferred financing costs	-100,000	-270,692
Net cash provided by financing activities	12,152,815	3,231,308
Effect of exchange rate on cash and equivalents	25,367	-65,898
Net increase (decrease) in cash and equivalents	59,551	-793,091
Cash and equivalents - beginning of period	486,205	1,904,023
Cash and equivalents - end of period	545,756	1,110,932
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'
Cash payment for interest	1,961,793	298,277
Cash payment for income taxes	1,624	800
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:	'	'
Warrants issued as deferred financing costs in connection with Note Purchase Agreement	'	2,897,642
Shares issued as debt discount in connection with Secured Promissory Note	'	385,656
Minimum obligation for deferred financing fees accrued in connection with Note Purchase Agreement	'	100,000
Common stock issued as prepayment for services	'	41,400
Increase in asset retirement obligation	$68	$11,891

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Basis of Presentation	'
	1. ORGANIZATION AND BASIS OF PRESENTATION
	Osage Exploration and Development, Inc. (“Osage” or the “Company”) is an independent energy company engaged primarily in the
	acquisition, development, production and sale of oil, gas and natural gas liquids. The Company’s production activities are located in the State of Oklahoma and the country of Colombia. The principal executive offices of the Company are at 2445 Fifth Avenue, Suite 310, San Diego, CA 92101.
	Osage prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Item 310(b) of Regulation S-K. These financial statements should be read together with the financial statements and notes in the Company’s 2012 Form 10-K filed with the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP were condensed or omitted. The accompanying financial statements reflect all adjustments and disclosures, which, in the Company’s opinion, are necessary for fair presentation. All such adjustments are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year.
	The results, assets and liabilities of the Company’s wholly owned subsidiary, Cimarrona, LLC, have been presented as discontinued operations in the consolidated financial statements and, accordingly, segment reporting is no longer applicable.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Going Concern
	Management of the Company has undertaken steps as part of a plan to improve operations with the goal of sustaining our operations for the next 12 months and beyond. These steps include (a) participating in drilling of wells in Logan County, Oklahoma within the next 12 months, (b) controlling overhead and expenses, (c) selling our Colombian operations owned by our wholly owned subsidiary, Cimarrona, LLC and (d) raising additional equity and/or debt.
	On April 17, 2012, we issued a secured promissory note to Boothbay Royalty Co. for gross proceeds of $2,500,000. On April 27, 2012, we entered into a $10,000,000 senior secured note purchase agreement with Apollo Investment Corporation and on April 5, 2013 we amended this agreement, increasing the facility to $20,000,000. As of September 30, 2013, as a result of production delays outside of the Company’s control, the Company was not in compliance with certain covenants including the minimum production covenant under the senior secured note purchase agreement. (see Note 5 - Debt).
	The Company’s operating plans require additional funds which may take the form of debt or equity financings. The Company’s ability to continue as a going concern is in substantial doubt and is dependent upon achieving profitable operations and obtaining additional financing. There is no assurance additional funds will be available on acceptable terms or at all.
	These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying unaudited consolidated financial statements.
	Basis of Consolidation
	The consolidated financial statements include the accounts of Osage and its wholly owned subsidiaries, Osage Energy Company, LLC and Cimarrona, LLC. Accordingly, all references herein to Osage or the Company include the consolidated results. All significant inter-company accounts and transactions were eliminated in consolidation.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management used significant estimates in determining the carrying value of its oil and gas producing assets and the associated depreciation and depletion expense relates to sales volumes.
	The significant estimates include the use of proved oil and gas reserve estimates and the related present value of estimated future net revenues there from.
	Reclassifications
	Certain amounts included in the prior period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no affect on the reported results in the current or prior period.
	Cash and Equivalents
	Cash and equivalents include cash in banks and financial instruments which mature within three months of the date of purchase.
	Deferred Financing Costs
	The Company incurred deferred financing costs in connection with the Note Purchase Agreement (see Note 5), which represented the fair value of warrants, placement fees and legal fees. Deferred financing costs of $3,759,448 are being amortized over the term of the Note Purchase Agreement on a straight-line basis.
	Deferred financing costs at September 30, 2013 were $2,068,586. Amortization of deferred financing costs was $314,462 and $955,886 for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2012, amortization of deferred financing costs was $272,607 and $460,509, respectively.
	Restricted Cash
	In connection with the Boothbay Secured Promissory Note (see Note 5) the Company is required to deposit certain royalty interests of
	Boothbay’s into joint accounts held by the Company for the benefit of Boothbay as collateral. These royalty interests at September 30, 2013 were $267,385, compared to $102,467 at December 31, 2012. The Company has also pledged $55,000 for certain bonds and sureties.
	Risk Management Activities
	The Company has entered into certain derivative financial instruments to manage the inherent uncertainty of future revenues. The Company does not intend to hold or issue derivative financial instruments for speculative purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. These derivative financial instruments are marked to market at each reporting period.
	Net Income/Loss Per Share
	In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260 “Earnings Per Share,” the Company’s basic net income/loss per share of common stock is calculated by dividing net income/loss by the weighted-average number of shares of common stock outstanding for the period. The diluted net income/loss per share of common stock is computed by dividing the net income/loss using the weighted-average number of common shares including potential dilutive common shares outstanding during the period. Potential common shares are excluded from the computation of diluted net loss per share if anti-dilutive.
	The following table shows the computation of basic and diluted net income (loss) per share for the three months and nine months ended September 30, 2013 and 2012:
			Three Months Ended September 30,						Nine Months Ended September 30,
			2013			2012			2103			2012
	Net loss allocable to continuing operations		$	(789,130	)	$	(530,490	)	$	(2,738,076	)	$	(1,917,626	)
	Net income allocable to discontinued operations		$	590,318		$	$781,466		$	2,496,541		$	2,011,144
	Basic net income (loss) per share
	Continuing operations		$	(0.02	)	$	(0.01	)	$	(0.06	)	$	(0.04	)
	Dicontinued operations		$	0.01		$	0.02		$	0.05		$	0.04
	Diluted net income (loss) per share
	Continuing operations		$	(0.02	)	$	(0.01	)	$	(0.06	)	$	(0.04	)
	Dicontinued operations		$	0.01		$	0.02		$	0.05		$	0.04
	Basic weighted average shares outstanding			49,854,675			48,473,036			49,714,934			48,250,030
	Add: Dilutive effect of warrants for common stock			-			2,067,946			-			1,201,822
	Diluted weighted average shares outstanding			49,854,675			50,540,982			49,714,934			49,451,852
	Potential common shares consisted of 1,696,843 and 3,071,843 warrants to purchase common stock at September 30, 2013 and 2012, respectively. 1,696,843 warrants to purchase common stock were excluded from the computations for the three and nine months ended September 30, 2013 and 1,125,000 warrants to purchase common stock were exclude from the computations for the three and nine months ended September 30, 2012, as their effect would have been anti-dilutive.
	Fair Value of Financial Instruments
	As of September 30, 2013 and December 31, 2012, the fair value of cash, accounts receivable and accounts payable approximate carrying values because of the short-term maturity of these instruments.
	FASB ACS Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest.
	The three levels of valuation hierarchy are defined as follows:
		●	Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
		●	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
		●	Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement.
	The Company analyzes all financial instruments with features of both liabilities and equity under ASC Topic 480, “Distinguishing Liabilities from Equity,” and ASC Topic 815, “Derivatives and Hedging.”
	As of September 30, 2013 the Company identified certain derivative financial instruments which required disclosure at fair value on the balance sheet.
	The following table presents information for those assets and liabilities requiring disclosure at fair value as of September 30, 2013:
						Total			Fair Value Measurements Using:
			Carrying			Fair			Level 1			Level 2			Level 3
			Amount			Value			Inputs			Inputs			Inputs
	September 30, 2013 assets (liabilities):			(507,124	)		(507,124	)		-			(507,124	)		-
	Commodity derivative liability
	The following methods and assumptions were used to estimate the fair values in the tables above.
	Level 2 Fair Value Measurements
	Commodity derivatives — The fair values of commodity derivatives are estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.
	Recent Accounting Pronouncements
	The Company does not expect the adoption of any recently issued accounting pronouncements to have a material effect on the consolidated financial statements.

Oil_and_Gas_Properties

Oil and Gas Properties	9 Months Ended
	Sep. 30, 2013
Oil and Gas Property [Abstract]	'
Oil and Gas Properties	'
	3. OIL AND GAS PROPERTIES
	Oil and gas properties consisted of the following:
		30-Sep-13			31-Dec-12
	Properties subject to amortization	$	25,147,014		$	8,140,918
	Properties not subject to amortization		1,581,000			1,362,235
	Capitalized asset retirement costs		87			19
	Accumulated depreciation and depletion		(1,661,278	)		(310,097	)
	Oil & gas properties, net	$	25,066,823		$	9,193,075
	On April 21, 2011, the Company entered into a participation agreement (“Participation Agreement”) with Slawson Exploration Company (“Slawson”) and U.S. Energy Development Corporation (“USE,” Slawson and USE, together, the “Parties”). Pursuant to the terms of the Participation Agreement, Slawson and USE acquired 45% and 30% respectively, of our 10,000 acre Nemaha Ridge prospect in Logan County, Oklahoma for $4,875,000. In addition, the Parties carried Osage for 7.5% of the cost of the first three horizontal Mississippian wells, which means that for the first three horizontal Mississippian wells, the Company provided up to 17.5% of the total well costs. After the first three wells, the Company is responsible for up to 25% of the total well costs. Revenue from wells drilled pursuant to the Participation Agreement, after royalty payments, is allocated 45% to Slawson, 30% to USE and 25% to Osage. Slawson will be the operator of all wells in the Nemaha Ridge prospect in sections where the Parties’ acreage controls the section. In sections where the Parties’ acreage does not control the section, we may elect to participate in wells operated by others. The Company continues to acquire additional acreage in the Nemaha Ridge prospect and will offer the additional acreage to the Parties, at its cost, subject to their acceptance. At September 30, 2013, the Company had 8,271 net acres (48,368 gross) leased in Logan County. In December 2011, the Company began drilling its first well in Logan County and at September 30, 2013 the Company had participated, or was participating, in drilling 36 wells, 29 of which had achieved production and revenues by September 30, 2013. As of September 30, 2013, the Company had also completed four salt water disposal wells.
	In addition to accumulating leases in Logan County, in 2011, the Company began to acquire leases in Pawnee County, Oklahoma, targeting the Mississippian formation. In July 2011, the Company purchased from B&W Exploration, Inc. (“B&W”) the Pawnee County prospect for $8,500. In addition, B&W is also entitled to an overriding royalty interest on the leases acquired and a 12.5% carry on the first $200,000 of lease bonus paid in the form of an assignment of 12.5% of the leases acquired. As of September 30, 2013, the Company had 4,190 net acres (5,085 gross) leased in Pawnee County. As of September 30, 2013, none of these leases have been assigned to B&W.
	In 2011, the Company began to acquire leases in Coal County, Oklahoma, targeting the Oily Woodford Shale formation. At September 30, 2013, we had 4,253 net (9,509 gross) acres leased in Coal County.
	In 2013, the partners in the Participation Agreement began to acquire leases in southern Garfield County, Oklahoma, just north of the Nemaha Ridge prospect in Logan County. At September 30, 2013, we had 465 net (2,240 gross) acres leased in Garfield County.
	At September 30, 2013, the Company had leased an aggregate of 17,179 net (65,202 gross) acres across four counties in Oklahoma.

Segment_and_Geographical_Infor

Segment and Geographical Information	9 Months Ended
	Sep. 30, 2013
Segments, Geographical Areas [Abstract]	'
Segment and Geographical Information	'
	4. SEGMENT AND GEOGRAPHICAL INFORMATION
	At September 30, 2013, the Company’s continuing operations comprised one segment in one geographical region.

Debt

Debt	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt	'
	5. DEBT
	Apollo - Note Purchase Agreement
	On April 27, 2012, we entered into a $10,000,000 senior secured note purchase agreement (“Note Purchase Agreement” or “Notes”) with Apollo Investment Corporation (“Apollo”). The Notes, which mature on April 27, 2015, are secured by substantially all of the assets of the Company, including a mortgage on all our Oklahoma leases. The Notes bear interest of Libor plus 15.0% with a Libor floor of 2.0%, with interest payable monthly. In addition, Apollo received a warrant to purchase 1,496,843 shares of common stock, exercisable at $0.01 per share, with a Black-Scholes value of $2,483,952 and an expiration date of April 27, 2017. Variables used in the valuation include (1) discount rate of 0.82%, (2) expected life of 5 years, (3) expected volatility of 245.0% and (4) zero expected dividends. The minimum draw amount on the Note Purchase Agreement is $1,000,000. At closing, we did not draw down any funds. In the three months ended September 30, 2013, we drew down $2,000,000 and, as of September 30, 2013, the amount outstanding under the Note Purchase Agreement was $15,000,000.
	At closing of the Note Purchase Agreement, we paid $100,000 of a minimum placement fee to CC Natural Resource Partners, LLC (“CCNRP”) and issued a warrant to purchase 250,000 shares of common stock, exercisable at $0.01 per share, with a Black-Scholes value of $413,690 and an expiration date of April 27, 2014. Variables used in the valuation include (1) discount rate of 0.26%, (2) expected life of 2 years, (3) expected volatility of 242.0% and (4) zero expected dividends. In addition, we paid $170,692 in legal fees, of which $100,000 were paid to Apollo. In December 2012, we paid an additional $380,000 in placement fees. We also issued a warrant to purchase 100,000 shares of common stock, exercisable at $0.01 per share, with a Black-Scholes value of $89,952 and a term of five years, to the placement agent for the Note Purchase Agreement and amended the term of the warrant granted on April 27, 2012 from two to five years, with a Black-Scholes value of $1,161. Variables used in the valuation include (1) discount rate of 0.72%, (2) expected life of five years, (3) expected volatility of 242.0% and (4) zero expected dividends.
	The Company has recorded deferred financing costs in the aggregate amount of $3,759,448 in connection with the Note Purchase Agreement, which represented the fair value of warrants issued to Apollo and CCNRP, placement fees, amendment fees and legal fees, which are amortized on a straight-line basis over the term of the Notes as the Company did not draw funds at issuance.
	On each anniversary of the closing date, the Company is obligated to pay an administrative fee of $50,000. The Company is also obligated to pay a quarterly standby fee, which accrues at a rate of 3.0%, on the amount of undrawn funds equal to the difference between $5,000,000 and the aggregate principal amount of notes issued on or after the closing date. The Company is subject to certain precedents in connection with each draw, an upfront fee equal to 2.0% of the principal amount of each draw, and is required to maintain a deposit account equal to 3 months of interest payments.
	On April 5, 2013 the Company and Apollo amended the Note Purchase Agreement, increasing the amount of the facility to $20,000,000 and modifying certain covenants for the remainder of the Note Purchase Agreement term. The amendment also provided a waiver of certain covenants as of March 31, 2013, as the Company did not meet certain covenants including the minimum production covenant as of that date. The Company paid an amendment fee of $100,000 which is being amortized over the remaining term of the Note Purchase Agreement.
	On August 12, 2013, the Company and Apollo amended the Note Purchase Agreement. The amendment required that the Company, within 75 days of the effective date as defined in the amendment, complete either (1) a sale of certain assets, or (2) the issuance of capital stock in a transaction that resulted in aggregate net proceeds as defined in the amendment. In the event that the Company did not complete either one of the aforementioned transactions, the Company would have been required under the terms of the amendment to issue to Apollo additional warrants equivalent to three percent of the Company’s common stock, on a fully-diluted basis. On October 7, 2013 the Company completed the sale of its membership interests in Cimarrona LLC as more fully discussed in Note 13. This sale satisfied the requirements of the amendment and the Company is thus not obligated to issue additional Warrants to Apollo.
	The Company is subject to various affirmative, negative and financial covenants under the Note Purchase Agreement as amended along with other restrictions and requirements, all as defined in the Note Purchase Agreement. Affirmative covenants include by October 31st of each year beginning in 2012, a reserve report prepared as of the immediately preceding September 30, concerning the Company’s domestic oil and gas properties prepared by approved petroleum engineers, and thereafter as of September 30th of each year. Financial covenants include a $75,000 limitation per quarter on general and administrative costs in excess of the revenues generated by Cimarrona, LLC and the following:
	Each Quarter Ending:	Interest		Minimum		Asset Coverage
		Coverage Ratio		Production		Ratio
				(MBbls)
	31-Dec-13		2.25 to 1.00		60		1.50 to 1.00
	31-Mar-14		2.50 to 1.00		70		1.75 to 1.00
	30-Jun-14		3.00 to 1.00		80		2.00 to 1.00
	30-Sep-14		3.00 to 1.00		90		2.00 to 1.00
	December 31, 2014, and thereafter		3.00 to 1.00		100		2.00 to 1.00
	As of September 30, 2013, as a result of production delays outside of the Company’s control, the Company was not in compliance with certain covenants including the minimum production covenant of 35 MBbls. The Company believes Apollo will provide a waiver of these covenants as of that date. The Company has classified amounts outstanding under the Note Purchase Agreement as short term in the accompanying consolidated financial statements.
	Use of proceeds is limited to those purposes specified in the Note Purchase Agreement. The Notes are subject to mandatory prepayment in the event of certain asset sales, insurance or condemnation proceeds, issuance of indebtedness, extraordinary receipts and tax refunds. All terms are as defined in the Note Purchase Agreement.
	Boothbay - Secured Promissory Note
	On April 17, 2012, we issued a secured promissory note (“Secured Promissory Note”) to Boothbay Royalty Co., (“Boothbay”) for gross proceeds of $2,500,000. The Secured Promissory Note matures April 17, 2014 and bears interest of 18%, payable monthly. In addition, Boothbay received 400,000 shares for which the relative fair value of $386,545 was recorded as debt discount, a 1.5% overriding royalty on our leases in section 29, township 17 North, range 3 and a 1.7143% overriding royalty on our leases in section 36, township 19 North, range 4 West in Logan County, Oklahoma. The closing price of the Company’s common stock on April 17, 2012 was $1.14. The Secured Promissory Note is secured by a first mortgage (with power of sale), security agreement and financing statement covering a 5% overriding royalty interest, proportionately reduced, in all of the Company’s leases in Logan County, Oklahoma.
	In connection with the Note Purchase Agreement and the Secured Promissory Note, the Company recognized $1,144,948 of interest expense, of which $367,948 was non-cash interest expense and $777,000 was cash interest expense, for the three months ended September 30, 2013. For the nine months ended September 30, 2013, the Company recognized $3,041,093 of interest expense related to these facilities, of which $1,100,787 was non-cash interest expense and $1,940,306 was cash interest expense. The Company recognized $489,485 and $829,741 of interest expense, of which $181,000 and $298,277 was cash interest expense, for the three and nine months ended September 30, 2012, respectively. Non-cash interest expense related to the Note Purchase Agreement and the Secured Promissory Note represented $308,486 and $531,464 for the three and nine months ended September 30, 2012, respectively.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Financial Instruments	'
	6. DERIVATIVE FINANCIAL INSTRUMENTS
	The Company entered into certain derivative financial instruments with respect to a portion of its oil and gas production in the three months ended September 30, 2013. Prior thereto, the Company had not entered into any derivative financial instruments. These instruments are used to manage the inherent uncertainty of future revenues due to commodity price volatility and currently include only costless price collars. The Company does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. As of September 30, 2013, the Company did not hold any collateral from its counterparties.
	As of September 30, 2013, the Company had the following open oil derivative positions. These oil derivatives settle against the average of the daily settlement prices for the WTI first traded contract month on the New York Mercantile Exchange (“NYMEX”) for each successive day of the calculation period.
		Price Collars
		Monthly			Weighted Average			Weighted Average
		Volume			Floor Price			Ceiling Price
	Period	(BBLs/m)			($/BBL)			($/BBL)
	Q4, 2013		6,000		$	90		$	98.35
	Q1 - Q4, 2014		6,000		$	85		$	95
	Q1 - Q2, 2015		6,000		$	80		$	93.5
	As of September 30, 2013, the Company had the following open natural gas derivative positions. These natural gas derivatives settle against the NYMEX Penultimate for the calculation period.
		Price Collars
		Monthly			Weighted Average			Weighted Average
		Volume			Floor Price			Ceiling Price
	Period	(Btu/m)			($/Btu)			($/Btu)
	Q4, 2013		10,000		$	3.75		$	4.4
	Q1 - Q4, 2014		10,000		$	3.75		$	4.4
	Q1 - Q2, 2015		10,000		$	3.75		$	4.4
	Cash settlements and unrealized gains and losses on fair value changes associated with the Company’s commodity derivatives are presented in the “Oil and gas derivatives’ caption in the accompanying consolidated statements of earnings.
	The following table sets forth the cash settlements and unrealized gains and losses on fair value changes for commodity derivatives for the three months ended September 30, 2013.
		Three Months Ended			Nine Months Ended
		30-Sep-13			30-Sep-13
	Cash settlements to (by) Company	$	(129,398	)	$	(129,398	)
	Unrealized gains (losses) on commodity derivatives		(470,434	)		(507,124	)
	Loss on oil and gas derivatives	$	(599,832	)	$	(636,522	)

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	7. COMMITMENTS AND CONTINGENCIES
	Environment
	Osage, as owner and operator of oil and gas properties, is subject to various Federal, State, and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the owner of real property and the lessee under oil and gas leases for the cost of pollution clean-up resulting from operations, subject the owner/lessee to liability for pollution damages and impose restrictions on the injection of liquids into subsurface strata. Although Company environmental policies and practices are designed to ensure compliance with these laws and regulations, future developments and increasing stringent regulations could require the Company to make additional unforeseen environmental expenditures. The Company maintains insurance coverage it believes is customary in the industry, although it is not fully insured against all environmental risks. The Company is not aware of any environmental claims existing as of September 30, 2013, that would have a material impact on its consolidated financial position or results of operations. There can be no assurance, however, that current regulatory requirements will not change, or past non-compliance with environmental laws will not be discovered on the Company’s property.
	Land Rentals and Operating Leases
	In February 2011, the Company entered into a 36 month lease for its corporate offices in San Diego. The lease, including parking, was initially for $3,488 per month for the first year, increasing to $3,599 and $3,715 in the second and third years, respectively. In addition, the Company is responsible for all operating expenses and utilities. The lease required the Company to increase its security deposit from $3,381 to $10,000, with $3,299 and $3,415 of the security deposit to be applied to months 13 and 25, respectively, of the lease. In February 2012, the Company entered into a 24 month lease for a vehicle to be utilized by its operations in Oklahoma. Lease payments are $680 per month. Apart from the San Diego office and Oklahoma vehicle lease, the Company’s Oklahoma office and all leased equipment are under month-to-month operating leases. Rental expense totaled $14,595 and $14,344 for the three months ended September 30, 2013 and 2012, respectively, and $43,553 and $42,727 for the nine month ended September 30, 2013 and 2012, respectively.
	Future minimum commitments under operating leases are as follows as of September 30, 2013:
	Year	Amount
	2013 (October 1 - December 31)	$	11,373
	2014		8,190
		$	19,563
	Legal Proceedings
	The Company is not party to any litigation arisen in the normal course of its business and that of its subsidiaries.

Major_Customers

Major Customers	9 Months Ended
	Sep. 30, 2013
Major Customers	'
Major Customers	'
	8. MAJOR CUSTOMERS
	During the three and nine months ended September 30, 2013 and 2012, the Company had the following customers who accounted for all of its sales:
		Three Months ended					Three Months ended
		30-Sep-13					30-Sep-12
		Amount		% of Total			Amount		% of Total
	Slawson	$	2,450,813		92.1	%	$	751,473		98.3	%
	Stephens		173,327		6.5	%		-		0	%
	Devon		32,429		1.2	%		-		0	%
	Sundance		5,727		0.2	%		-		0	%
	Coffeyville		-		0	%		13,018		1.7	%
	Total	$	2,662,296		100	%	$	764,491		100	%
		Nine Months ended					Nine Months ended
		30-Sep-13					30-Sep-12
		Amount		% of Total			Amount		% of Total
	Slawson	$	4,369,097		84.2	%	$	1,663,402		96.6	%
	Stephens		490,457		9.4	%		-		0	%
	Devon		312,867		6	%		-		0	%
	Sundance		19,339		0.4	%		-		0	%
	Coffeyville		-		0	%		58,631		3.4	%
	Total	$	5,191,760		100	%	$	1,722,033		100	%

Liability_for_Asset_Retirement

Liability for Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligation [Abstract]	'
Liability for Asset Retirement Obligations	'
	9. LIABILITY FOR ASSET RETIREMENT OBLIGATIONS
	The Company recognizes a liability at discounted fair value for the future retirement of tangible long-lived assets and associated assets retirement cost associated with the petroleum and natural gas properties. The fair value of the liability is capitalized as part of the cost of the related asset and amortized to expense over its useful life. The liability accretes until the date of expected settlement of the retirement obligations. The related accretion expense is recognized in the statement of operations. The provision will be revised for the effect of any changes to timing related to cash flow or undiscounted abandonment costs. Actual expenditures incurred for the purpose of site reclamation are charged to the asset retirement obligations (“AROs”) to the extent that the liability exists on the balance sheet. Differences between the actual costs incurred and the fair value of the liability recorded are recognized in income in the period the actual costs are incurred. There are no legally restricted assets for the settlement of AROs. No income tax is applicable to the ARO as of September 30, 2013 and December 31, 2012, because the Company records a valuation allowance on deductible temporary differences due to the uncertainty of its realization.
	A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2013 is as follows:
		Nine Months Ended
		30-Sep-13
	Beginning balance	$	19
	Incurred during the period		-
	Reversed during the period		-
	Additions for new wells		68
	Accretion expense		4,734
	Ending balance	$	4,821

Equity

Equity	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Equity	'
	10. EQUITY
	Common Stock
	During the three months ended June 30, 2013, we issued a total of 10,000 shares which vest immediately to two consultants for services rendered with a fair value of $12,000, or $1.20 per share. Additionally, warrants to purchase 350,000 shares were exercised for $3,500.
	During the three months ended March 31, 2013 we issued 400,000 shares which vested immediately to two employees with a fair value of $364,000, or $0.91 per share. On August 1, 2012, in connection with a three-year employment agreement, we agreed to issue 150,000 shares of common stock at future dates as specified in the agreement. We will issue 50,000 shares on each of the first, second, and third anniversaries of the execution of the agreement subject to other terms and conditions of the agreement. The 150,000 shares were valued at $177,000, or $1.18 per share, and are being expensed over the three years of the employment agreement. We recognized $14,750 and $44,250 of expense related to these shares in the three and nine months ended September 30, 2013, respectively.
	During the three months ended September 30, 2012, a consultant who had previously been issued a warrant to purchase common stock exercised the warrant and purchased 200,000 shares of common stock for $2,000.
	During the three months ended June 30, 2012, we issued 20,000 shares of common stock at $23,000 or $1.15 per share, to a consultant as compensation for services rendered.
	During the three months ended March 31, 2012, we issued 90,000 shares to a consultant for services to be provided from March through August 2012. All of the shares vested immediately with a fair value of $41,400, or $0.46 per share.
	Warrants
	During the three months ended June 30, 2013, warrants to purchase 350,000 shares of common stock were exercised for $3,500 and warrants to purchase 1,125,000 shares of common stock expired unexercised.
	Total stock-based compensation expense was $14,750 and $13,800 for the three months ended September 30, 2013 and 2012, respectively, and $420,250 and $522,111 for the nine months ended September 30, 2013 and 2012, respectively.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Discontinued Operations	'
	11. DISCONTINUED OPERATIONS
	During the three months ended September 30, 2013, the Company committed to divesting its Colombian operations held through its wholly owned subsidiary, Cimarrona, LLC. These operations consisted of the entire Pipeline segment and the portion of the Oil / Gas segment located in Colombia. Accordingly, the assets and liabilities of the Colombian operations are classified as Held for Sale in the balance sheets, with the exception of cash of $54,034 and $150,950 as of September 30, 2013 and December 31, 2012, respectively.
	The following table sets forth the results of operations for the discontinued operations for the periods presented:
		Three Months ended September 30,					Nine Months ended September 30,
		2013			2012		2013			2012
	Revenues
	Oil revenues	$	382,180		$	582,131	$	1,458,616		$	1,452,264
	Pipeline revenues		617,145			508,505		1,828,256			1,396,165
	Total revenues		999,325			1,090,636		3,286,872			2,848,429
	Operating costs and expenses
	Operating expenses		328,859			224,316		1,007,987			627,672
	Depreciation, depletion and accretion		19,575			39,748		124,193			78,848
	Equity tax		30,970			32,878		(435,988	)		98,481
	General and administrative		24,592			12,551		72,756			33,189
	Total operating costs and expenses		403,996			309,493		768,948			838,190
	Operating income		595,329			781,143		2,517,924			2,010,239
	Other income (expenses):
	Interest income		19			323		103			905
	Interest expense		(5,030	)		-		(21,486	)		-
	Income before income taxes		590,318			781,466		2,496,541			2,011,144
	Provision for income taxes		-			-		-			-
	Net income	$	590,318		$	781,466	$	2,496,541		$	2,011,144
	Division de Impuestos y Actuanas Nacionales (“DIAN”), the Colombian tax authorities, levies a tax based on the equity value of Cimarrona. In 2010, the Company was notified by DIAN that it owed $883,742 in equity taxes relating to the 2001 and 2003 equity tax years. To compute the value the equity tax is assessed upon, Cimarrona subtracted the cost of its non-producing wells in 2001 and 2003. However, DIAN’s position is that as long as the field is productive, Cimarrona should not have subtracted the cost of the non-producing wells. In May 2011, we settled in full the 2001 equity liability with DIAN. In January 2012, we were informed by DIAN that we had lost our appeal on the 2003 tax issue and we increased the amount attributable to the 2003 tax year by $322,288 as of December 31, 2011 to correspond to the amount DIAN indicated we owed for the 2003 tax year. In January 2013, we successfully concluded negotiations with DIAN with respect to the ultimate liability for the 2003 tax year. DIAN waived certain interest and penalties. We paid the agreed final liability to DIAN in January 2013, and financed the payment with an unsecured Colombian term loan facility in the amount of $367,521. We recognized in discontinued operations the $531,644 benefit of the amnesty in the quarter ended June 30, 2013, upon receipt of official confirmation that the liability is fully settled. The Company recognized $30,970 and $32,878 in current equity tax for the three months ended September 30, 2013 and 2012, respectively, and $95,657 and $98,481 for the nine months ended September 30, 2013 and 2012, respectively, all in discontinued operations.

Restatement

Restatement	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Restatement	'
	12. RESTATEMENT
	The Company has determined that certain results of operations of discontinued operations should have been excluded from the consolidated statements of operations and other comprehensive income previously reported. The restatement has no impact on previously reported loss from continuing operations, income from discontinued operations after income taxes, net income, or basic or diluted earnings per share from continuing operations or discontinued operations.
	The effects of the restatement on reported amounts for the periods presented are set forth in the following tables:
		Three Months Ended September 30, 2013
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	2,916,342		$	(382,180	)	$	2,534,162
	Pipeline revenues		617,145			(617,145	)		-
	Natural gas revenues		128,134			-			128,134
	Total operating revenues		3,661,621			(999,325	)		2,662,296
	Operating costs and expenses
	Operating costs		776,184			(328,859	)		447,325
	General and administrative expenses		555,648			(24,592	)		531,056
	Equity tax		30,970			(30,970	)		-
	Depreciation, depletion and accretion		748,061			(19,575	)		728,486
	Total operating costs and expenses		2,110,863			(403,996	)		1,706,867
	Operating income (loss)		1,550,758			(595,329	)		955,429
	Other income (expenses):
	Interest income		240			(19	)		221
	Interest expense		(1,149,978	)		5,030			(1,144,948	)
		Three Months Ended September 30, 2012
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	1,262,050		$	(582,131	)	$	679,919
	Pipeline revenues		508,505			(508,505	)		-
	Natural gas revenues		84,572			-			84,572
	Total operating revenues		1,855,127			(1,090,636	)		764,491
	Operating costs and expenses
	Operating costs		407,073			(224,316	)		182,757
	General and administrative expenses		447,649			(12,551	)		435,098
	Equity tax		32,878			(32,878	)		-
	Depreciation, depletion and accretion		226,682			(39,748	)		186,934
	Total operating costs and expenses		1,114,282			(309,493	)		804,789
	Operating income (loss)		740,845			(781,143	)		(40,298	)
	Other income (expenses):
	Interest income		538			(323	)		215
		Nine Months Ended September 30, 2013
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	6,301,428		$	(1,458,616	)	$	4,842,812
	Pipeline revenues		1,828,256			(1,828,256	)		-
	Natural gas revenues		348,948			-			348,948
	Total operating revenues		8,478,632			(3,286,872	)		5,191,760
	Operating costs and expenses
	Operating costs		1,994,171			(1,007,987	)		986,184
	General and administrative expenses		1,996,655			(72,756	)		1,923,899
	Equity tax		(435,988	)		435,988			-
	Depreciation, depletion and accretion		1,467,691			(124,193	)		1,343,498
	Total operating costs and expenses		5,022,529			(768,948	)		4,253,581
	Operating income (loss)		3,456,103			(2,517,924	)		938,179
	Other income (expenses):
	Interest income		1,464			(103	)		1,361
	Interest expense		(3,062,580	)		21,486			(3,041,094	)
		Nine Months Ended September 30, 2012
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	3,036,599		$	(1,452,264	)	$	1,584,335
	Pipeline revenues		1,396,165			(1,396,165	)		-
	Natural gas revenues		137,698			-			137,698
	Total operating revenues		4,570,462			(2,848,429	)		1,722,033
	Operating costs and expenses
	Operating costs		1,134,932			(627,672	)		507,260
	General and administrative expenses		1,849,269			(33,189	)		1,816,080
Equity tax		98,481			(98,481	)		-
Depreciation, depletion and accretion		565,705			(78,848	)		486,857
Total operating costs and expenses		3,648,387			(838,190	)		2,810,197
Operating income (loss)		922,075			(2,010,239	)		(1,088,164	)
Other income (expenses):
Interest income		3,615			(905	)		2,710

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events	'
Subsequent Events	'
	13. SUBSEQUENT EVENTS
	On October 7, 2013, the Company completed the sale of 100% of the membership interests in Cimarrona LLC to Raven Pipeline Company, LLC (“Raven”), pursuant to a Membership Interest Purchase Agreement dated September 30, 2013 (the “Agreement”) by and between the Company and Raven. Cimarrona LLC is the owner of a 9.4% interest in certain oil and gas assets including a pipeline in the Guaduas field, located in the Dindal and Rio Seco Blocks that covers 30,665 acres in the Middle Magdalena Valley in Colombia.
	The sales price consisted of cash of $6,800,000, less settlement of debt of Cimarrona LLC of approximately $250,000. Of the net sales price, $250,000 will be held in escrow for 12 months to secure any post-Closing purchase price adjustments and any indemnity obligations of the Company pursuant to the Agreement. In addition, so long as the per barrel transportation rate charged with respect to the pipeline is not adjusted prior to March 31, 2014, then Raven will pay the Company an additional $1,000,000 in cash within five business days of that date.
	The Cimarrona property is subject to an Ecopetrol Association Contract (the “Association Contract”) whereby Ecopetrol S.A. (“Ecopetrol”) receives royalties of 20% of the oil produced. The pipeline is not subject to the Association Contract. In addition to the royalty, according to the Association Contract, Ecopetrol may, for no consideration, become a 50% partner, once an audit of revenues and expenses indicate that the partners in the Association Contract have received a 200% reimbursement of all historical costs to develop and operate the Guaduas field. If such an audit determines that the specified reimbursement of historical costs occurred prior to September 30, 2013, the Company is required to reimburse Raven for any amounts due to Ecopetrol from Cimarrona LLC which relate to the period prior to that date.
	On October 15, 2013, the Company entered into an Intercreditor Agreement with Apollo and BP Energy Company to provide collateral for certain oil and gas derivative financial instruments more fully described in Note 6. BP Energy Corporation North America simultaneously provided a Guarantee for $25 million as collateral for its obligations.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Going Concern	'
	Going Concern
	Management of the Company has undertaken steps as part of a plan to improve operations with the goal of sustaining our operations for the next 12 months and beyond. These steps include (a) participating in drilling of wells in Logan County, Oklahoma within the next 12 months, (b) controlling overhead and expenses, (c) selling our Colombian operations owned by our wholly owned subsidiary, Cimarrona, LLC and (d) raising additional equity and/or debt.
	On April 17, 2012, we issued a secured promissory note to Boothbay Royalty Co. for gross proceeds of $2,500,000. On April 27, 2012, we entered into a $10,000,000 senior secured note purchase agreement with Apollo Investment Corporation and on April 5, 2013 we amended this agreement, increasing the facility to $20,000,000. As of September 30, 2013, as a result of production delays outside of the Company’s control, the Company was not in compliance with certain covenants including the minimum production covenant under the senior secured note purchase agreement. (see Note 5 - Debt).
	The Company’s operating plans require additional funds which may take the form of debt or equity financings. The Company’s ability to continue as a going concern is in substantial doubt and is dependent upon achieving profitable operations and obtaining additional financing. There is no assurance additional funds will be available on acceptable terms or at all.
	These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying unaudited consolidated financial statements.
Basis of Consolidation	'
	Basis of Consolidation
	The consolidated financial statements include the accounts of Osage and its wholly owned subsidiaries, Osage Energy Company, LLC and Cimarrona, LLC. Accordingly, all references herein to Osage or the Company include the consolidated results. All significant inter-company accounts and transactions were eliminated in consolidation.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management used significant estimates in determining the carrying value of its oil and gas producing assets and the associated depreciation and depletion expense relates to sales volumes.
	The significant estimates include the use of proved oil and gas reserve estimates and the related present value of estimated future net revenues there from.
Reclassifications	'
	Reclassifications
	Certain amounts included in the prior period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no affect on the reported results in the current or prior period.
Cash and Equivalents	'
	Cash and Equivalents
	Cash and equivalents include cash in banks and financial instruments which mature within three months of the date of purchase.
Deferred Financing Costs	'
	Deferred Financing Costs
	The Company incurred deferred financing costs in connection with the Note Purchase Agreement (see Note 5), which represented the fair value of warrants, placement fees and legal fees. Deferred financing costs of $3,759,448 are being amortized over the term of the Note Purchase Agreement on a straight-line basis.
	Deferred financing costs at September 30, 2013 were $2,068,586. Amortization of deferred financing costs was $314,462 and $955,886 for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2012, amortization of deferred financing costs was $272,607 and $460,509, respectively.
Restricted Cash	'
	Restricted Cash
	In connection with the Boothbay Secured Promissory Note (see Note 5) the Company is required to deposit certain royalty interests of
	Boothbay’s into joint accounts held by the Company for the benefit of Boothbay as collateral. These royalty interests at September 30, 2013 were $267,385, compared to $102,467 at December 31, 2012. The Company has also pledged $55,000 for certain bonds and sureties.
Risk Management Activities	'
	Risk Management Activities
	The Company has entered into certain derivative financial instruments to manage the inherent uncertainty of future revenues. The Company does not intend to hold or issue derivative financial instruments for speculative purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. These derivative financial instruments are marked to market at each reporting period.
Net Income/Loss Per Share	'
	Net Income/Loss Per Share
	In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260 “Earnings Per Share,” the Company’s basic net income/loss per share of common stock is calculated by dividing net income/loss by the weighted-average number of shares of common stock outstanding for the period. The diluted net income/loss per share of common stock is computed by dividing the net income/loss using the weighted-average number of common shares including potential dilutive common shares outstanding during the period. Potential common shares are excluded from the computation of diluted net loss per share if anti-dilutive.
	The following table shows the computation of basic and diluted net income (loss) per share for the three months and nine months ended September 30, 2013 and 2012:
			Three Months Ended September 30,						Nine Months Ended September 30,
			2013			2012			2103			2012
	Net loss allocable to continuing operations		$	(789,130	)	$	(530,490	)	$	(2,738,076	)	$	(1,917,626	)
	Net income allocable to discontinued operations		$	590,318		$	$781,466		$	2,496,541		$	2,011,144
	Basic net income (loss) per share
	Continuing operations		$	(0.02	)	$	(0.01	)	$	(0.06	)	$	(0.04	)
	Dicontinued operations		$	0.01		$	0.02		$	0.05		$	0.04
	Diluted net income (loss) per share
	Continuing operations		$	(0.02	)	$	(0.01	)	$	(0.06	)	$	(0.04	)
	Dicontinued operations		$	0.01		$	0.02		$	0.05		$	0.04
	Basic weighted average shares outstanding			49,854,675			48,473,036			49,714,934			48,250,030
	Add: Dilutive effect of warrants for common stock			-			2,067,946			-			1,201,822
	Diluted weighted average shares outstanding			49,854,675			50,540,982			49,714,934			49,451,852
	Potential common shares consisted of 1,696,843 and 3,071,843 warrants to purchase common stock at September 30, 2013 and 2012, respectively. 1,696,843 warrants to purchase common stock were excluded from the computations for the three and nine months ended September 30, 2013 and 1,125,000 warrants to purchase common stock were exclude from the computations for the three and nine months ended September 30, 2012, as their effect would have been anti-dilutive.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	As of September 30, 2013 and December 31, 2012, the fair value of cash, accounts receivable and accounts payable approximate carrying values because of the short-term maturity of these instruments.
	FASB ACS Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest.
	The three levels of valuation hierarchy are defined as follows:
		●	Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
		●	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
		●	Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement.
	The Company analyzes all financial instruments with features of both liabilities and equity under ASC Topic 480, “Distinguishing Liabilities from Equity,” and ASC Topic 815, “Derivatives and Hedging.”
	As of September 30, 2013 the Company identified certain derivative financial instruments which required disclosure at fair value on the balance sheet.
	The following table presents information for those assets and liabilities requiring disclosure at fair value as of September 30, 2013:
						Total			Fair Value Measurements Using:
			Carrying			Fair			Level 1			Level 2			Level 3
			Amount			Value			Inputs			Inputs			Inputs
	September 30, 2013 assets (liabilities):			(507,124	)		(507,124	)		-			(507,124	)		-
	Commodity derivative liability
	The following methods and assumptions were used to estimate the fair values in the tables above.
	Level 2 Fair Value Measurements
	Commodity derivatives — The fair values of commodity derivatives are estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	The Company does not expect the adoption of any recently issued accounting pronouncements to have a material effect on the consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share	'
	The following table shows the computation of basic and diluted net income (loss) per share for the three months and nine months ended September 30, 2013 and 2012:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2103			2012
	Net loss allocable to continuing operations	$	(789,130	)	$	(530,490	)	$	(2,738,076	)	$	(1,917,626	)
	Net income allocable to discontinued operations	$	590,318		$	$781,466		$	2,496,541		$	2,011,144
	Basic net income (loss) per share
	Continuing operations	$	(0.02	)	$	(0.01	)	$	(0.06	)	$	(0.04	)
	Dicontinued operations	$	0.01		$	0.02		$	0.05		$	0.04
	Diluted net income (loss) per share
	Continuing operations	$	(0.02	)	$	(0.01	)	$	(0.06	)	$	(0.04	)
	Dicontinued operations	$	0.01		$	0.02		$	0.05		$	0.04
	Basic weighted average shares outstanding		49,854,675			48,473,036			49,714,934			48,250,030
	Add: Dilutive effect of warrants for common stock		-			2,067,946			-			1,201,822
	Diluted weighted average shares outstanding		49,854,675			50,540,982			49,714,934			49,451,852
Schedule of Fair Value Measurements Assets and Liability	'
	The following table presents information for those assets and liabilities requiring disclosure at fair value as of September 30, 2013:
					Total			Fair Value Measurements Using:
		Carrying			Fair			Level 1			Level 2			Level 3
		Amount			Value			Inputs			Inputs			Inputs
	September 30, 2013 assets (liabilities):		(507,124	)		(507,124	)		-			(507,124	)		-
	Commodity derivative liability

Oil_and_Gas_Properties_Tables

Oil and Gas Properties (Tables)	9 Months Ended
	Sep. 30, 2013
Oil and Gas Property [Abstract]	'
Schedule of Oil and Gas Properties	'
	Oil and gas properties consisted of the following:
		30-Sep-13			31-Dec-12
	Properties subject to amortization	$	25,147,014		$	8,140,918
	Properties not subject to amortization		1,581,000			1,362,235
	Capitalized asset retirement costs		87			19
	Accumulated depreciation and depletion		(1,661,278	)		(310,097	)
	Oil & gas properties, net	$	25,066,823		$	9,193,075

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Schedule of Quarterly Coverage Ratio of Financial Covenants	'
	Financial covenants include a $75,000 limitation per quarter on general and administrative costs in excess of the revenues generated by Cimarrona, LLC and the following:
	Each Quarter Ending:	Interest		Minimum		Asset Coverage
		Coverage Ratio		Production		Ratio
				(MBbls)
	31-Dec-13		2.25 to 1.00		60		1.50 to 1.00
	31-Mar-14		2.50 to 1.00		70		1.75 to 1.00
	30-Jun-14		3.00 to 1.00		80		2.00 to 1.00
	30-Sep-14		3.00 to 1.00		90		2.00 to 1.00
	December 31, 2014, and thereafter		3.00 to 1.00		100		2.00 to 1.00

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Schedule of Cash Settlements and Unrealized Gains (Losses) on Fair Value Changes for Commodity Derivatives	'
	The following table sets forth the cash settlements and unrealized gains and losses on fair value changes for commodity derivatives for the three months ended September 30, 2013.
		Three Months Ended			Nine Months Ended
		30-Sep-13			30-Sep-13
	Cash settlements to (by) Company	$	(129,398	)	$	(129,398	)
	Unrealized gains (losses) on commodity derivatives		(470,434	)		(507,124	)
	Loss on oil and gas derivatives	$	(599,832	)	$	(636,522	)
Oil [Member]	'
Schedule of Oil and Natural Gas Open Derivative Positions	'
	These oil derivatives settle against the average of the daily settlement prices for the WTI first traded contract month on the New York Mercantile Exchange (“NYMEX”) for each successive day of the calculation period.
		Price Collars
		Monthly			Weighted Average			Weighted Average
		Volume			Floor Price			Ceiling Price
	Period	(BBLs/m)			($/BBL)			($/BBL)
	Q4, 2013		6,000		$	90		$	98.35
	Q1 - Q4, 2014		6,000		$	85		$	95
	Q1 - Q2, 2015		6,000		$	80		$	93.5
Natural Gas Member]	'
Schedule of Oil and Natural Gas Open Derivative Positions	'
	As of September 30, 2013, the Company had the following open natural gas derivative positions. These natural gas derivatives settle against the NYMEX Penultimate for the calculation period.
		Price Collars
		Monthly			Weighted Average			Weighted Average
		Volume			Floor Price			Ceiling Price
	Period	(Btu/m)			($/Btu)			($/Btu)
	Q4, 2013		10,000		$	3.75		$	4.4
	Q1 - Q4, 2014		10,000		$	3.75		$	4.4
	Q1 - Q2, 2015		10,000		$	3.75		$	4.4

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Commitments Under Operating Leases	'
	Future minimum commitments under operating leases are as follows as of September 30, 2013:
	Year	Amount
	2013 (October 1 - December 31)	$	11,373
	2014		8,190
		$	19,563

Major_Customers_Tables

Major Customers (Tables)	9 Months Ended
	Sep. 30, 2013
Major Customers	'
Schedule of Major Customers Accounting for All of Its Sale	'
	During the three and nine months ended September 30, 2013 and 2012, the Company had the following customers who accounted for all of its sales:
		Three Months ended					Three Months ended
		30-Sep-13					30-Sep-12
		Amount		% of Total			Amount		% of Total
	Slawson	$	2,450,813		92.1	%	$	751,473		98.3	%
	Stephens		173,327		6.5	%		-		0	%
	Devon		32,429		1.2	%		-		0	%
	Sundance		5,727		0.2	%		-		0	%
	Coffeyville		-		0	%		13,018		1.7	%
	Total	$	2,662,296		100	%	$	764,491		100	%
		Nine Months ended					Nine Months ended
		30-Sep-13					30-Sep-12
		Amount		% of Total			Amount		% of Total
	Slawson	$	4,369,097		84.2	%	$	1,663,402		96.6	%
	Stephens		490,457		9.4	%		-		0	%
	Devon		312,867		6	%		-		0	%
	Sundance		19,339		0.4	%		-		0	%
	Coffeyville		-		0	%		58,631		3.4	%
	Total	$	5,191,760		100	%	$	1,722,033		100	%

Liability_for_Asset_Retirement1

Liability for Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligation [Abstract]	'
Schedule of Reconciliation of Asset Retirement Obligations	'
	A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2013 is as follows:
		Nine Months Ended
		30-Sep-13
	Beginning balance	$	19
	Incurred during the period		-
	Reversed during the period		-
	Additions for new wells		68
	Accretion expense		4,734
	Ending balance	$	4,821

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Summary of Discontinued Operations	'
	The following table sets forth the results of operations for the discontinued operations for the periods presented:
		Three Months ended September 30,					Nine Months ended September 30,
		2013			2012		2013			2012
	Revenues
	Oil revenues	$	382,180		$	582,131	$	1,458,616		$	1,452,264
	Pipeline revenues		617,145			508,505		1,828,256			1,396,165
	Total revenues		999,325			1,090,636		3,286,872			2,848,429
	Operating costs and expenses
	Operating expenses		328,859			224,316		1,007,987			627,672
	Depreciation, depletion and accretion		19,575			39,748		124,193			78,848
	Equity tax		30,970			32,878		(435,988	)		98,481
	General and administrative		24,592			12,551		72,756			33,189
	Total operating costs and expenses		403,996			309,493		768,948			838,190
	Operating income		595,329			781,143		2,517,924			2,010,239
	Other income (expenses):
	Interest income		19			323		103			905
	Interest expense		(5,030	)		-		(21,486	)		-
	Income before income taxes		590,318			781,466		2,496,541			2,011,144
	Provision for income taxes		-			-		-			-
	Net income	$	590,318		$	781,466	$	2,496,541		$	2,011,144

Restatement_Tables

Restatement (Tables)	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Schedule of Restatement to Income Statement	'
	The effects of the restatement on reported amounts for the periods presented are set forth in the following tables:
		Three Months Ended September 30, 2013
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	2,916,342		$	(382,180	)	$	2,534,162
	Pipeline revenues		617,145			(617,145	)		-
	Natural gas revenues		128,134			-			128,134
	Total operating revenues		3,661,621			(999,325	)		2,662,296
	Operating costs and expenses
	Operating costs		776,184			(328,859	)		447,325
	General and administrative expenses		555,648			(24,592	)		531,056
	Equity tax		30,970			(30,970	)		-
	Depreciation, depletion and accretion		748,061			(19,575	)		728,486
	Total operating costs and expenses		2,110,863			(403,996	)		1,706,867
	Operating income (loss)		1,550,758			(595,329	)		955,429
	Other income (expenses):
	Interest income		240			(19	)		221
	Interest expense		(1,149,978	)		5,030			(1,144,948	)
		Three Months Ended September 30, 2012
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	1,262,050		$	(582,131	)	$	679,919
	Pipeline revenues		508,505			(508,505	)		-
	Natural gas revenues		84,572			-			84,572
	Total operating revenues		1,855,127			(1,090,636	)		764,491
	Operating costs and expenses
	Operating costs		407,073			(224,316	)		182,757
	General and administrative expenses		447,649			(12,551	)		435,098
	Equity tax		32,878			(32,878	)		-
	Depreciation, depletion and accretion		226,682			(39,748	)		186,934
	Total operating costs and expenses		1,114,282			(309,493	)		804,789
	Operating income (loss)		740,845			(781,143	)		(40,298	)
	Other income (expenses):
	Interest income		538			(323	)		215
		Nine Months Ended September 30, 2013
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	6,301,428		$	(1,458,616	)	$	4,842,812
	Pipeline revenues		1,828,256			(1,828,256	)		-
	Natural gas revenues		348,948			-			348,948
	Total operating revenues		8,478,632			(3,286,872	)		5,191,760
	Operating costs and expenses
	Operating costs		1,994,171			(1,007,987	)		986,184
	General and administrative expenses		1,996,655			(72,756	)		1,923,899
	Equity tax		(435,988	)		435,988			-
	Depreciation, depletion and accretion		1,467,691			(124,193	)		1,343,498
	Total operating costs and expenses		5,022,529			(768,948	)		4,253,581
	Operating income (loss)		3,456,103			(2,517,924	)		938,179
	Other income (expenses):
	Interest income		1,464			(103	)		1,361
	Interest expense		(3,062,580	)		21,486			(3,041,094	)
		Nine Months Ended September 30, 2012
		As Reported			Adjustments			As Restated
	Operating revenues
	Oil revenues	$	3,036,599		$	(1,452,264	)	$	1,584,335
	Pipeline revenues		1,396,165			(1,396,165	)		-
	Natural gas revenues		137,698			-			137,698
	Total operating revenues		4,570,462			(2,848,429	)		1,722,033
	Operating costs and expenses
	Operating costs		1,134,932			(627,672	)		507,260
	General and administrative expenses		1,849,269			(33,189	)		1,816,080
	Equity tax		98,481			(98,481	)		-
	Depreciation, depletion and accretion		565,705			(78,848	)		486,857
Total operating costs and expenses		3,648,387			(838,190	)		2,810,197
Operating income (loss)		922,075			(2,010,239	)		(1,088,164	)
Other income (expenses):
Interest income		3,615			(905	)		2,710

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended		9 Months Ended	0 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Apr. 27, 2012	Sep. 30, 2013	Apr. 17, 2012	Apr. 05, 2013
							Note Purchase Agreement [Member]	Boothbay Royalty Co [Member]	Boothbay Royalty Co [Member]
Proceeds from issuance of promissory notes	'	'	$12,000,000	$3,500,000	'	'	'	$2,500,000	'
Senior secured notes	'	'	'	'	'	10,000,000	'	10,000,000	20,000,000
Working capital deficit	1,095,336	643,843	1,095,336	643,843	'	'	'	'	'
Deferred financing costs	2,068,586	'	2,068,586	'	'	'	'	'	'
Amortization of deferred finance costs	314,462	272,607	955,886	460,509	'	'	3,759,448	'	'
Royalty interests	'	'	267,385	'	102,467	'	'	'	'
Pledged for bonds and sureties	$55,000	'	$55,000	'	'	'	'	'	'
Number of warrants consisted in potential common shares to purchase common stock	1,696,843	3,071,843	1,696,843	3,071,843	'	'	'	'	'
warrants to purchase common stock were excluded from computations	1,696,843	1,125,000	1,696,843	1,125,000	'	'	'	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accounting Policies [Abstract]	'	'	'	'
Net loss allocable to continuing operations	($789,130)	($530,490)	($2,738,076)	($1,917,626)
Net income allocable to discontinued operations	$590,318	$781,466	$2,496,541	$2,011,144
Basic net income (loss) per share, Continuing operations	($0.02)	($0.01)	($0.06)	($0.04)
Basic net income (loss) per share, Discontinued operations	$0.01	$0.02	$0.05	$0.04
Diluted net income (loss) per share, Continuing operations	($0.02)	($0.01)	($0.06)	($0.04)
Diluted net income (loss) per share, Discontinued operations	$0.01	$0.02	$0.05	$0.04
Weighted average number of common share and common share equivalents used to compute basic income (loss) per share	49,854,675	48,473,036	49,714,934	48,250,030
Add: Dilutive effect of warrants for common stock	'	2,067,946	'	1,201,822
Weighted average number of common share and common share equivalents used to compute diluted income (loss) per share	49,854,675	50,540,982	49,714,934	49,451,852

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Schedule of Fair Value Measurements Assets and Liability (Details) (USD $)	Sep. 30, 2013
Commodity derivative liability	($507,124)
Level 1 Inputs [Member]	'
Commodity derivative liability	'
Level 2 Inputs [Member]	'
Commodity derivative liability	-507,124
Level 3 Inputs [Member]	'
Commodity derivative liability	'
Carrying Amount [Member]	'
Commodity derivative liability	($507,124)

Oil_and_Gas_Properties_Details

Oil and Gas Properties (Details Narrative) (USD $)	0 Months Ended	1 Months Ended
	Apr. 21, 2011	Jul. 31, 2011	Apr. 21, 2011	Apr. 21, 2011	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	acre		Slawson Exploration Company [Member]	USE [Member]	Logan County [Member]	Pawnee County [Member]	Coal County [Member]	Garfield County [Member]	Oklahoma County [Member]
					acre	acre	acre	acre	acre
Percentage of business acquired by parties	'	'	45.00%	30.00%	'	'	'	'	'
Acres of land	10,000	'	'	'	'	'	'	'	'
Proceeds from sale of land	$4,875,000	'	'	'	'	'	'	'	'
Percentage of well cost carried by parties	7.50%	'	'	'	'	'	'	'	'
Percentage of total well costs provided for first three horizontal Mississippian wells	17.50%	'	'	'	'	'	'	'	'
Percentage of total well cost responsible after first three horizontal Mississippian wells	25.00%	'	'	'	'	'	'	'	'
Allocated percentage of revenue	25.00%	'	45.00%	30.00%	'	'	'	'	'
Net acres of leased land	'	'	'	'	8,271	4,190	4,253	465	17,179
Gross acres of leased land	'	'	'	'	48,368	5,085	9,509	2,240	65,202
Purchase of oil prospects	'	8,500	'	'	'	'	'	'	'
Percentage of leases acquired	'	12.50%	'	'	'	'	'	'	'
Lease bonus paid	'	$200,000	'	'	'	'	'	'	'
Number of drilling wells, total	'	'	'	'	36	'	'	'	'
Number of drilling wells reached production and revenues	'	'	'	'	29	'	'	'	'

Oil_and_Gas_Properties_Schedul

Oil and Gas Properties - Schedule of Oil and Gas Properties (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Oil and Gas Property [Abstract]	'	'
Properties subject to amortization	$25,147,014	$8,140,918
Properties not subject to amortization	1,581,000	1,362,235
Capitalized asset retirement costs	87	19
Accumulated depreciation and depletion	-1,661,278	-310,097
Oil & Gas Properties, Net	$25,066,823	$9,193,075

Debt_Details_Narrative

Debt (Details Narrative) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Apr. 27, 2012

Apr. 17, 2012

Apr. 17, 2012

Apr. 27, 2012

Dec. 31, 2012

Apr. 27, 2012

Sep. 30, 2013

Apr. 05, 2013

Sep. 30, 2013

Apr. 27, 2012

Sep. 30, 2013

Sep. 30, 2013

Apr. 17, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Apr. 05, 2013

MBbls

MBbls

Logan County Range Three [Member]

Logan County Range Four [Member]

Warrant [Member]

Warrant [Member]

Apollo Investment Corporation [Member]

Apollo Investment Corporation [Member]

Apollo Investment Corporation [Member]

Apollo Investment Corporation [Member]

CC Natural Resource Partners, LLC [Member]

CC Natural Resource Partners, LLC [Member]

Apollo Investment Corporation [Member]

Boothbay Royalty Co [Member]

Boothbay Royalty Co [Member]

Boothbay Royalty Co [Member]

Boothbay Royalty Co [Member]

Boothbay Royalty Co [Member]

Boothbay Royalty Co [Member]

Warrant [Member]

Warrant [Member]

Oustanding unsecured term loan

'

'

'

'

'

'

'

'

'

'

'

$15,000,000

'

'

'

'

'

'

'

'

'

'

'

Senior secured notes

'

'

'

'

'

10,000,000

'

'

'

'

10,000,000

'

20,000,000

'

'

'

'

10,000,000

'

'

'

'

20,000,000

Notes maturity date

'

'

'

'

'

'

'

'

'

'

27-Apr-15

'

'

'

'

'

'

17-Apr-14

'

'

'

'

'

Percentage of LIBOR floor interest rate

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of LIBOR plus interest rate

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

Warrants issued to purchase of common stock

'

'

100,000

'

'

'

'

'

'

100,000

1,496,843

'

'

'

250,000

'

'

'

'

'

'

'

'

Warrants exercise price

'

'

'

'

0.01

0.01

'

'

'

'

0.01

'

'

'

0.01

'

'

'

'

'

'

'

'

Warrants value using Black-Scholes

'

'

'

'

89,952

'

'

'

1,161

'

2,483,952

'

'

'

413,690

'

'

'

'

'

'

'

'

Warrants maturity date

'

'

'

'

'

'

'

'

'

'

27-Apr-17

'

'

'

27-Apr-14

'

'

'

'

'

'

'

'

Discount rate

'

'

'

'

'

'

'

'

0.72%

'

'

'

'

0.82%

'

0.26%

'

'

'

'

'

'

'

Expected volatility rate

'

'

'

'

'

'

'

'

242.00%

'

'

'

'

245.00%

'

242.00%

'

'

'

'

'

'

'

Expected life in years

'

'

'

'

'

'

'

'

'5 years

'5 years

'

'

'

'5 years

'

'2 years

'

'

'

'

'

'

'

Expected dividends rate

'

'

'

'

'

'

'

'

0.00%

'

'

'

'

0.00%

'

0.00%

'

'

'

'

'

'

'

Minimum amount draw through purchase of notes

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

Drawn from portion of debt

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

Note purchase agreement minimum placement fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

Legal fees on notes

'

'

'

'

'

170,692

'

'

'

'

100,000

'

'

'

'

'

'

170,692

'

'

'

'

'

Additional placement fees

'

'

'

'

'

'

'

'

'

380,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrantes expiration term

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants expiration, range start

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants expiratiom, range end

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing costs

2,068,586

'

2,068,586

'

'

'

'

'

'

'

'

3,759,448

'

'

'

'

3,759,448

'

'

'

'

'

'

Liability to pay administrative fees

'

'

'

'

'

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of standby fee

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of debt undrawn funds

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of upfront fee

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum general and administrative costs exess of revenues

75,000

'

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment made for amendment fee

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum production volume

35

'

35

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured promissory note

'

'

'

'

'

'

'

'

'

'

'

13,000,000

'

'

'

'

'

2,500,000

'

'

'

'

'

Secured promissory note, interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18.00%

'

'

'

'

'

Shares issued for secured promissory note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000

'

'

'

'

'

Debt discount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

386,545

'

'

'

'

'

Percentage of overriding royalty

'

'

'

'

'

'

1.50%

1.71%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of overriding royalty interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

Common stock closing price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1.14

'

'

'

'

'

Interest expense on secured promissory notes

1,144,948

490,407

3,041,094

832,172

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,144,948

489,485

3,041,093

829,741

'

Non-cash interest expense related to the note purchase agreement and secured promissory note

'

'

732,839

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

367,948

308,486

1,100,787

531,464

'

Cash interest expense on secured promissory note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$777,000

$181,000

$1,940,306

$298,277

'

Debt_Schedule_of_Quarterly_Cov

Debt - Schedule of Quarterly Coverage Ratio of Debt Instrument Covenants (Details)	9 Months Ended
	Sep. 30, 2013
	MBbls
	Time
December 31, 2013 [Member]	'
Interest Coverage Ratio	2.25
Minimum Production	60
Asset Coverage Ratio	1.5
March 31, 2014 [Member]	'
Interest Coverage Ratio	2.5
Minimum Production	70
Asset Coverage Ratio	1.75
June 30, 2014 [Member]	'
Interest Coverage Ratio	3
Minimum Production	80
Asset Coverage Ratio	2
September 30, 2014 [Member]	'
Interest Coverage Ratio	3
Minimum Production	90
Asset Coverage Ratio	2
December 31, 2014, and thereafter [Member]	'
Interest Coverage Ratio	3
Minimum Production	100
Asset Coverage Ratio	2

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Schedule of Oil Open Derivative Positions (Details) (Oil [Member])	9 Months Ended
	Sep. 30, 2013
	bbl
Q3 - Q4, 2013 [Member]	'
Monthly Volume (BBLs/m)	6,000
Weighted Average Floor Price ($/BBL)	90
Weighted Average Ceiling Price ($/BBL)	98.35
Q1 - Q4, 2014 [Member]	'
Monthly Volume (BBLs/m)	6,000
Weighted Average Floor Price ($/BBL)	85
Weighted Average Ceiling Price ($/BBL)	95
Q1 - Q2, 2015 [Member]	'
Monthly Volume (BBLs/m)	6,000
Weighted Average Floor Price ($/BBL)	80
Weighted Average Ceiling Price ($/BBL)	93.5

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Schedule of Natural Gas Open Derivative Positions (Details) (Natural Gas Member])	9 Months Ended
	Sep. 30, 2013
	Btu
Q3 - Q4, 2013 [Member]	'
Monthly Volume (Btu/m)	10,000
Weighted Average Floor Price ($/Btu)	3.75
Weighted Average Ceiling Price ($/BBL)	4.4
Q1 - Q4, 2014 [Member]	'
Monthly Volume (Btu/m)	10,000
Weighted Average Floor Price ($/Btu)	3.75
Weighted Average Ceiling Price ($/BBL)	4.4
Q1 - Q2, 2015 [Member]	'
Monthly Volume (Btu/m)	10,000
Weighted Average Floor Price ($/Btu)	3.75
Weighted Average Ceiling Price ($/BBL)	4.4

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Schedule of Cash Settlements and Unrealized Gains (Losses) on Fair Value Changes for Commodity Derivatives (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'	'	'
Cash settlements to (by) Company	($129,398)	'	($129,398)	'
Unrealized gains (losses) on commodity derivatives	-470,434	'	-507,124	'
Loss on oil and gas derivatives	($599,832)	'	($636,522)	'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details Narrative) (USD $)	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Lease periods in months	'24 months	'36 months	'	'	'	'
Security deposit minimum term	'	'13 months	'	'	'	'
Security deposit maximum term	'	'25 months	'	'	'	'
Lease payments	$680	'	'	'	'	'
Rental expense	'	'	14,595	14,344	43,553	42,727
Minimum [Member]	'	'	'	'	'	'
Security deposit applied for thirteen months	'	'	'	'	3,381	'
Security deposit applied for twenty five months	'	'	'	'	3,299	'
Maximum [Member]	'	'	'	'	'	'
Security deposit applied for thirteen months	'	'	'	'	10,000	'
Security deposit applied for twenty five months	'	'	'	'	3,415	'
First Year [Member]	'	'	'	'	'	'
Lease expenses per month	'	'	'	'	3,488	'
Second Year [Member]	'	'	'	'	'	'
Lease expenses per month	'	'	'	'	3,599	'
Third Year [Member]	'	'	'	'	'	'
Lease expenses per month	'	'	'	'	$3,715	'

Commitments_and_Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Commitments Under Operating Leases (Details) (USD $)	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
2013 (Octomber 1 - December 31)	$11,373
2014	8,190
Total	$19,563

Major_Customers_Schedule_of_Ma

Major Customers - Schedule of Major Customers Accounting for All of its Sale (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue from major customers	$2,662,296	$764,491	$5,191,760	$1,722,033
Percentage of revenue from major customers	100.00%	100.00%	100.00%	100.00%
Slawson Exploration Company [Member]	'	'	'	'
Revenue from major customers	2,450,813	751,473	4,369,097	1,663,402
Percentage of revenue from major customers	92.10%	98.30%	84.20%	96.60%
Stephens [Member]	'	'	'	'
Revenue from major customers	173,327	'	490,457	'
Percentage of revenue from major customers	6.50%	0.00%	9.40%	0.00%
Devon [Member]	'	'	'	'
Revenue from major customers	32,429	'	312,867	'
Percentage of revenue from major customers	1.20%	0.00%	6.00%	0.00%
Sundance [Member]	'	'	'	'
Revenue from major customers	5,727	'	19,339	'
Percentage of revenue from major customers	0.20%	0.00%	0.40%	0.00%
Coffeyville [Member]	'	'	'	'
Revenue from major customers	'	$13,018	'	$58,631
Percentage of revenue from major customers	0.00%	1.70%	0.00%	3.40%

Liability_for_Asset_Retirement2

Liability for Asset Retirement Obligations - Schedule of Reconciliation of Asset Retirement Obligations (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Asset Retirement Obligation Disclosure [Abstract]	'	'
Beginning balance	$19	'
Incurred during the period	'	'
Reversed during the period	'	'
Additions for new wells	68	'
Accretion expense	4,734	2,431
Ending balance	$4,821	'

Equity_Details_Narrative

Equity (Details Narrative) (USD $)	0 Months Ended	3 Months Ended						9 Months Ended
	Aug. 01, 2012	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Sep. 30, 2012
Stock issued during period for consideration of services, shares	'	'	10,000	'	'	20,000	90,000	'	'
Stock issued during period for consideration of services	'	'	$12,000	'	'	$23,000	$41,400	$420,250	$74,000
Stock issuance, pricer per share	$1.18	'	$1.20	$0.91	'	$1.15	$0.46	'	'
Warrants issued to purchase of common stock, number	'	'	350,000	'	200,000	'	'	'	'
Proceeds from exercise of warrants	'	'	3,500	'	2,000	'	'	3,500	2,000
Shares issued under employment agreement	150,000	'	'	400,000	'	'	'	'	'
Shares issued under employment agreement, value	177,000	'	'	364,000	'	'	'	'	'
Recognized expenses	'	14,750	'	'	'	'	'	44,250	'
Common stock warrants unexercised expired	'	'	1,125,000	'	'	'	'	'	'
Stock-based compensation expense	'	$14,750	'	'	$13,800	'	'	$420,250	$522,111
First Anniversary [Member]	'	'	'	'	'	'	'	'	'
Number of shares issuing each anniversary	50,000	'	'	'	'	'	'	'	'
Second Anniversary [Member]	'	'	'	'	'	'	'	'	'
Number of shares issuing each anniversary	50,000	'	'	'	'	'	'	'	'
Third Anniversary [Member]	'	'	'	'	'	'	'	'	'
Number of shares issuing each anniversary	50,000	'	'	'	'	'	'	'	'

Discontinued_Operations_Detail

Discontinued Operations (Details Narrative) (USD $)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2010	Jan. 31, 2013
							Impuestosy Actuanas Nacionales [Member]	Impuestosy Actuanas Nacionales [Member]
Cash	$54,034	'	'	$54,034	'	$150,950	'	'
Equity taxes owed by disposal group	'	'	'	'	'	'	883,742	'
Increased value of taxes in disposal group	'	'	'	'	'	'	322,288	'
Liability payable to disposal group	'	'	'	'	'	'	'	367,521
Recognized benefit of discontinued operation	'	531,644	'	'	'	'	'	'
Equity taxes	$30,970	'	$32,878	($435,988)	$98,481	'	'	'

Discontinued_Operations_Summar

Discontinued Operations - Summary of Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]	'	'	'	'
Oil revenues	$382,180	$582,131	$1,458,616	$1,452,264
Pipeline revenues	617,145	508,505	1,828,256	1,396,165
Total revenues	999,325	1,090,636	3,286,872	2,848,429
Operating expenses	328,859	224,316	1,007,987	627,672
Depreciation, depletion and accretion	19,575	39,748	124,193	78,848
Equity tax	30,970	32,878	-435,988	98,481
General and administrative	24,592	12,551	72,756	33,189
Total operating costs and expenses	403,996	309,493	768,948	838,190
Operating income	595,329	781,143	2,517,924	2,010,239
Interest income	19	323	103	905
Interest expense	-5,030	'	-21,486	'
Income before income taxes	590,318	781,466	2,496,541	2,011,144
Net income	$590,318	$781,466	$2,496,541	$2,011,144

Restatement_Schedule_of_Restat

Restatement - Schedule of Restatement to Income Statement (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Oil revenues	$2,534,162	$679,919	$4,842,812	$1,584,335
Pipeline revenues	'	'	'	'
Natural gas revenues	128,134	84,572	348,948	137,698
Total operating revenues	2,662,296	764,491	5,191,760	1,722,033
Operating costs	447,325	182,757	986,184	507,260
General and administrative expenses	531,056	435,098	1,923,899	1,816,080
Equity tax	'	'	'	'
Depreciation, depletion and accretion	728,486	186,934	1,343,498	486,857
Total operating costs and expenses	1,706,867	804,789	4,253,581	2,810,197
Operating income (loss)	955,429	-40,298	938,179	-1,088,164
Interest income	221	215	1,361	2,710
Interest expense	-1,144,948	-490,407	-3,041,094	-832,172
As Reported [Member]	'	'	'	'
Oil revenues	2,916,342	1,262,050	6,301,428	3,036,599
Pipeline revenues	617,145	508,505	1,828,256	1,396,165
Natural gas revenues	128,134	84,572	348,948	137,698
Total operating revenues	3,661,621	1,855,127	8,478,632	4,570,462
Operating costs	776,184	407,073	1,994,171	1,134,932
General and administrative expenses	555,648	447,649	1,996,655	1,849,269
Equity tax	30,970	32,878	-435,988	98,481
Depreciation, depletion and accretion	748,061	226,682	1,467,691	565,705
Total operating costs and expenses	2,110,863	1,114,282	5,022,529	3,648,387
Operating income (loss)	1,550,758	740,845	3,456,103	922,075
Interest income	240	538	1,464	3,615
Interest expense	-1,149,978	'	-3,062,580	'
Adjustment [Member]	'	'	'	'
Oil revenues	-382,180	-582,131	-1,458,616	-1,452,264
Pipeline revenues	-617,145	-508,505	-1,828,256	-1,396,165
Natural gas revenues	'	'	'	'
Total operating revenues	-999,325	-1,090,636	-3,286,872	-2,848,429
Operating costs	-328,859	-224,316	-1,007,987	-627,672
General and administrative expenses	-24,592	-12,551	-72,756	-33,189
Equity tax	-30,970	-32,878	435,988	-98,481
Depreciation, depletion and accretion	-19,575	-39,748	-124,193	-78,848
Total operating costs and expenses	-403,996	-309,493	-768,948	-838,190
Operating income (loss)	-595,329	-781,143	-2,517,924	-2,010,239
Interest income	-19	-323	-103	-905
Interest expense	$5,030	'	$21,486	'

Subsequent_Events_Details_Narr

Subsequent Events (Details Narrative) (USD $)	9 Months Ended	0 Months Ended				9 Months Ended
	Sep. 30, 2013	Mar. 31, 2013	Oct. 15, 2013	Oct. 07, 2013	Sep. 30, 2013	Sep. 30, 2013
		Subsequent Event [Member]	Subsequent Event [Member]	Raven Pipeline Company LLC [Member]	Cimarrona LLC [Member]	Cimarrona LLC [Member]
					acre	Oil And Gas Assets [Member]
Percentage of ownership interest	'	'	'	100.00%	'	9.40%
Acres cover in ownership interest	'	'	'	'	30,665	'
Cash received from sale of entity	$6,800,000	'	'	'	'	'
Settlement of debt	250,000	'	'	'	'	'
Net sales	250,000	'	'	'	'	'
Payment for pipeline	'	1,000,000	'	'	'	'
Collateral amount	'	'	$25,000,000	'	'	'
Percentage of royalties received	'	'	'	'	'	20.00%
Percentage of revenues and expenses audit	'	'	'	'	'	50.00%
Percentage of reimbursement cost received	'	'	'	'	'	200.00%