Lilis Energy (LLEX) 10-K 11 Jun 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Jun. 01, 2014	Jun. 28, 2013
Document and Entity Information [Abstract]	'	'	'
Entity Registrant Name	'LILIS ENERGY, INC.	'	'
Entity Central Index Key	'0001437557	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Entity Well-Known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'No	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$30,043,464
Entity Common Stock, Shares Outstanding	'	27,628,827	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets	'	'
Cash	$165,365	$970,035
Restricted cash	504,623	671,382
Accounts receivable (net of allowance of $50,000 at December 31, 2013 and 2012, respectively)	467,337	934,591
Prepaid assets	195,716	13,458
Commodity price derivative receivable	6,679	'
Total current assets	1,339,720	2,589,466
Oil and gas properties (full cost method), at cost:	'	'
Evaluated properties	68,213,467	58,610,095
Unevaluated acreage, excluded from amortization	18,663,569	28,067,005
Wells in progress, excluded from amortization	1,145,794	193,515
Total oil and gas properties, at cost	88,022,830	86,870,615
Less accumulated depreciation, depletion , amortization, and impairment	-45,457,637	-43,187,962
Net oil and gas properties, at cost	42,565,193	43,682,653
Other assets:	'	'
Office equipment, net	91,161	90,630
Deferred financing costs, net	294,699	974,856
Restricted cash and deposits	215,541	215,435
Total other assets	601,401	1,280,921
Total Assets	44,506,314	47,553,040
Current liabilities	'	'
Accounts payable	1,932,618	1,831,590
Accrued expenses	1,439,956	1,411,016
Short term notes payable	10,662,904	388,351
Total current liabilities	14,035,478	3,630,957
Long term liabilities	'	'
Asset retirement obligation	1,104,952	911,546
Term notes payable	8,111,436	18,947,963
Convertible notes payable, net of discount	14,586,618	10,300,361
Convertible notes conversion derivative liability	1,150,000	1,680,000
Total long-term liabilities	24,953,006	31,839,870
Total liabilities	38,988,484	35,470,827
Commitments and contingencies - Note 2,8,9,10,13 and 14	'	'
Shareholders' equity	'	'
Preferred stock, 10,000,000 authorized, none issued and outstanding	'	'
Common stock, $0.0001 par value: 100,000,000 shares authorized; 19,671,901 and 17,436,825 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	1,967	1,839
Additional paid in capital	121,451,232	118,296,679
Accumulated deficit	-115,935,369	-106,216,305
Total shareholders' equity	5,517,830	12,082,213
Total Liabilities and Shareholders' Equity	$44,506,314	$47,553,040

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Balance Sheets [Abstract]	'	'
Allowance related to accounts receivable	$50,000	$50,000
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	'	'
Preferred Stock, shares outstanding	'	'
Common stock, par value (In dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,671,901	17,436,825
Common stock, shares outstanding	19,671,901	17,436,825

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Revenue	'	'
Oil sales	$4,312,325	$5,898,459
Gas sales	340,609	406,216
Operating fees	148,474	174,779
Realized gains (loss) on commodity price derivatives	-17,572	780,135
Unrealized gains on commodity price derivatives	2,475	'
Total revenue	4,786,311	7,259,589
Costs and expenses	'	'
Production costs	1,217,853	1,421,177
Production taxes	263,437	227,455
General and administrative	4,965,279	4,331,328
Depreciation, depletion and amortization	2,388,871	4,549,303
Bad debt expense	'	77,957
Impairment of developed properties	'	26,658,707
Total costs and expenses	8,835,440	37,265,927
Loss from operations	-4,049,129	-30,006,338
Other income (expenses):	'	'
Other income	11,062	5,896
Convertible notes conversion derivative gain	730,000	320,000
Interest expense	-6,410,996	-8,056,232
Total other income (expense)	-5,669,934	-7,730,336
Net Loss	($9,719,063)	($37,736,674)
Net loss per common share	'	'
Basic and diluted	($0.51)	($2.11)
Weighted average shares outstanding:	'	'
Basic and diluted	18,990,383	17,902,013

Consolidated_Statements_of_Sha

Consolidated Statements of Shareholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2011	$49,668,232	$1,744	$118,146,119	($68,479,631)
Beginning Balance, shares at Dec. 31, 2011	'	17,436,825	'	'
Common stock issued in connection with interest payment on convertible debt	894,091	28	894,063	'
Common stock issued in connection with interest payment on convertible debt, shares	'	278,225	'	'
Common stock issued for deferred financing costs	230,000	5	229,995	'
Common stock issued for deferred financing costs, shares	'	50,000	'	'
Common stock issued for services	349,000	10	348,990	'
Common stock issued for services, shares	'	100,000	'	'
Common stock issued for compensation (board and employees)	1,836,564	52	1,836,512	'
Common stock issued for compensation (board and employees), shares	'	529,351	'	'
Modification of common stock issued for compensation	-3,159,000	'	-3,159,000	'
Net loss	-37,736,674	'	'	-37,736,674
Balance at Dec. 31, 2012	12,082,213	1,839	118,296,678	-106,216,305
Balance, shares at Dec. 31, 2012	'	18,394,401	'	'
Common stock issued in connection with interest payment on convertible debt	1,167,997	64	1,167,933	'
Common stock issued in connection with interest payment on convertible debt, shares	'	636,282	'	'
Common stock issued in connection with Investment Banking Agreement	160,000	10	159,990	'
Common stock issued in connection with Investment Banking Agreement, shares	'	100,000	'	'
Common stock issued in connection with 2013 Executive and Board Compensation under the amended agreement	'	28	-28	'
Common stock issued in connection with 2013 Executive and Board Compensation under the amended agreement, shares	'	281,250	'	'
Common stock issued for compensation (board and employees)	857,123	26	857,097	'
Common stock issued for compensation (board and employees), shares	'	259,968	'	'
Options issued to Executive Management and Board of Directors	455,056	'	455,056	'
Warrants issued to service organizations for 2013 services	514,506	'	514,506	'
Net loss	-9,719,063	'	'	-9,719,064
Balance at Dec. 31, 2013	$5,517,830	$1,967	$121,451,232	($115,935,369)
Balance, shares at Dec. 31, 2013	'	19,671,901	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:	'	'
Net loss	($9,719,063)	($37,736,674)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Impairment provision, proved leases	'	26,658,707
Common stock issued for convertible note interest	1,167,997	894,092
Bad debt	'	77,957
Common stock for services and compensation	1,986,685	-973,432
Changes in the fair value of commodity price derivatives	6,679	-855,744
Amortization of deferred financing costs	680,157	1,596,739
Change in fair value of convertible notes conversion derivative	-720,000	-320,000
Depreciation, depletion, amortization and accretion of asset retirement obligation	2,388,871	4,549,305
Accretion of debt discount	2,408,522	2,316,428
Changes in operating assets and liabilities:	'	'
Accounts receivable	467,254	-228,934
Restricted cash	166,758	260,783
Other assets	-182,256	636,078
Accounts payable and other accrued expenses	129,967	-264,708
Net cash used in operating activities	-1,218,430	-3,389,403
Cash flows from investing activities:	'	'
Acquisition of undeveloped acreage	-1,404,121	-536,249
Drilling capital expenditures	-398,752	-4,533,954
Sale of undeveloped acreage interests	640,000	2,918,414
Additions of office equipment	-27,829	-2,928
Loss (gain) from hedge settlements	-13,359	780,135
Investment in operating bonds	-106	-29,379
Net cash used in investing activities	-1,204,167	-1,403,961
Cash flows from financing activities:	'	'
Proceeds from debt	2,179,902	5,000,000
Repayment of debt	-561,975	-1,944,323
Net cash provided by financing activities	1,617,927	3,055,677
Change in cash and cash equivalents	-804,670	-1,737,687
Cash and cash equivalents at beginning of period	970,035	2,707,722
CASH AND CASH EQUIVALENTS AT END OF PERIOD	165,365	970,035
Supplemental disclosure:	'	'
Cash paid for interest	2,096,769	3,201,312
Cash paid for income taxes	'	'
Non-cash transactions:	'	'
Sale of property for receivable	'	1,443,852
Debt issuance cost	'	400,000
Stock and warrants issued for deferred financing costs	'	230,000
Stock and warrants issued for prepaid financial advisory fees	674,506	349,000
Property additions for asset retirement obligation	101,510	198,110
Stock issued for payment on long-term debt	$1,167,997	$894,091

Organization

Organization	12 Months Ended
	Dec. 31, 2013
Organization [Abstract]	'
ORGANIZATION	'
	NOTE 1 – ORGANIZATION
	On September 21, 2009, Universal Holdings, Inc. (“Universal”), a Nevada corporation, completed the acquisition of Coronado Acquisitions, LLC (“Coronado”). Under the terms of the acquisition, Coronado was merged into Universal. On October 12, 2009, Universal changed its name to Recovery Energy, Inc. On December 1, 2013, Recovery Energy, Inc. changed its name to Lilis Energy, Inc. (“Lilis”, “Lilis Energy”, “we”, “our”, and the “Company”). The acquisition was accounted for as a reverse acquisition with Coronado being treated as the acquirer for accounting purposes. Accordingly, the financial statements of Coronado and Recovery Energy have been adopted as the historical financial statements of Lilis.
	The Company is an independent oil and gas exploration and production company focused on the Denver-Julesburg Basin (“DJ Basin”) where it holds 112,000 net acres.  Lilis drills for, operates and produces oil and natural gas wells through the Company’s land holdings located in Wyoming, Colorado, and Nebraska.
	All references to production, sales volumes and reserves quantities are net to our interest unless otherwise indicated.

Liquidity

Liquidity	12 Months Ended
	Dec. 31, 2013
Liquidity [Abstract]	'
LIQUIDITY	'
	NOTE 2 – LIQUIDITY
	As of December 31, 2013, the Company had $18.77 million outstanding under its term loans with Hexagon, LLC (“Hexagon”) and $15.58 million outstanding under its 8% Senior Secured Convertible Debentures (the “Debentures”). Both the term loans and the Debentures were to mature on May 16, 2014.
	Since December 31, 2013, the Company has consummated the following transactions: (i) on January 22, 2014, the Company completed a private placement of units consisting of one share of Common Stock and one three-year warrant to purchase one share of Common Stock for aggregate gross proceeds of $5,918,250, plus an additional $1,425,000 in proceeds committed by certain officers and directors of the Company, which we expect to be funded upon our receipt of the required shareholder approval; (ii) on January 31, 2014, the Company entered into a Debenture Conversion Agreement, under which $9.0 million in Debentures was immediately converted to Common Stock at a price of $2.00 per common share; (iii) on May 19, 2014, the Company received extensions from both Hexagon and the remaining Debenture holders of the maturity dates under the Company’s term loans and Debentures, respectively, from May 16, 2014 to August 15, 2014; (iv) on May 30, 2014, the Company and Hexagon entered into an agreement providing for the settlement of all amounts outstanding under the term loans, in exchange for two cash payments of $5.0 million each to be made by the Company to Hexagon, as well as the issuance to Hexagon of a two-year $6.0 million unsecured 8% note, maturity May 30, 2016, and 943,208 shares of unregistered Common Stock; (v) on May 30, 2014 the Company consummated a private placement to accredited investors of 8% Convertible Preferred Stock and three-year warrants to purchase Common Stock equal to 50% of the number of shares issuable upon full conversion of the Preferred Stock for gross proceeds of $7.50 million; (vi) on June 6, 2014, the holders of the remaining Debentures agreed to further extend the maturity date under the Debentures from August 15, 2014 to January 15, 2015; and (vii) on June 6, 2014, TR Winston executed a commitment to purchase or effect the purchase by third parties of an additional $15 million in Preferred Stock, which transaction is to be consummated within ninety (90) days. The consummation of these transactions has been partially reflected in the Company’s balance sheet via the classification of certain portions of the Hexagon term loans and Debentures as long-term debt. Absent these transactions, all such debt would have otherwise been classified as current liabilities. (See Note 14 -Subsequent Events.)
	The closing of these transactions provided the Company with working capital for general corporate purposes, as well as a portion of the initial capital requirements to initiate further development activities on two of its Wattenberg prospects. However, the Company will require additional capital to satisfy its obligations to Hexagon under the settlement agreement, to fund its current drilling commitments and capital budget plans, to help fund its ongoing overhead, and to provide additional capital to generally improve its working capital position. We anticipate that such additional funding will be provided by a combination of capital raising activities, including the selling of additional debt and/or equity securities, the selling of certain assets and by the development of certain of the Company’s undeveloped properties via arrangements with joint venture partners. If we are not successful in obtaining sufficient cash sources to fund the aforementioned capital requirements, we may be required to curtail our expenditures, restructure our operations, sell assets on terms which may not be deemed favorable and/or curtail other aspects of our operations, including deferring portions of capital budget. There is no assurance that any such funding will be available to the Company.

Summary_of_Significant_Account

Summary of Significant Accounting Policies and Estimates	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies and Estimates [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	'
	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES
	Basis of Presentation
	The accompanying financial statements were prepared by Lilis in accordance with generally accepted accounting principles (“GAAP”) in the United States.  The financial statements reflect all normal recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the results of operations and financial position.
	Reclassification
	Certain amounts in the 2012 consolidated financial statements have been reclassified to conform to the December 31, 2013 consolidated financial statement presentation.  Such reclassifications had no effect on net loss.
	Use of Estimates
	The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  We evaluate our estimates on an ongoing basis and base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances.  Although actual results may differ from these estimates under different assumptions or conditions, we believe that our estimates are reasonable.
	Our most significant financial estimates are associated with our estimated proved oil and gas reserves, assessments of impairment imbedded in the carrying value of undeveloped acreage and proven properties, as well as valuation of common stock used in various issuances of common stock, options and warrants, and estimated derivative liabilities.
	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks and highly liquid debt securities which have original maturities of 90 days or less at the purchase date.
	Restricted Cash
	Restricted cash consists of severance and ad valorem tax proceeds which are payable to various tax authorities.  As of December 31, 2013 and 2012, the restricted cash balance was $0.50 million and $0.67 million, respectively.
	Accounts Receivable
	The Company records actual and estimated oil and gas revenue receivable from third parties at its net revenue interest. The Company also reflects costs incurred on behalf of joint interest partners in accounts receivable.  Management periodically reviews accounts receivable amounts for collectability and records its allowance for uncollectible receivables under the specific identification method.  The Company recorded an allowance for uncollectible receivables of $50,000 as of December 31, 2013 and 2012.  Allowance for doubtful accounts are based primarily on joint interest billings for expenses related to oil and natural gas wells.  Receivables which derive from sales of certain oil and gas production are collateral for our Loan Agreements. (See Note 7-Fair Value of Financial Instruments.)
	During the year ended December 31, 2013, the Company did not write off any accounts receivable.  During the year ended December 31, 2012, the Company wrote off accounts receivable for $0.03 million as bad debt expense.
	Concentration of Credit Risk
	The Company's cash, cash equivalents and short-term investments are invested at major financial institutions primarily within the United States.  At December 31, 2013 and 2012, the Company’s cash and cash equivalents were maintained in accounts that are insured up to the limit determined by the federal governmental agency.  The Company may at times have balances in excess of the federally insured limits.
	The Company's receivables are comprised of oil and gas revenue receivables and joint interest billings receivable. The amounts are due from a limited number of entities.  Therefore, the collectability is dependent upon the general economic conditions and financial health of a small number purchasers and joint interest owners.  The receivables are not collateralized.  However, to date the Company has had minimal bad debts.  As of December 31, 2013, the Company recorded an allowance for doubtful accounts of $50,000.
	Significant Customers
	During the year ended December 31, 2013 and 2012, the Company had one customer, Shell Trading (US), which accounted for approximately 83 percent and 67 percent, respectively, of our revenues.
	However, the Company does not believe that the loss of a single purchaser, including Shell Trading (US), would materially affect the Company's business because there are numerous other purchasers in the area in which the Company sells its production.
	Reserves
	All of the reserves data included herein are estimates.  Estimates of our crude oil and natural gas reserves are prepared in accordance with guidelines established by the SEC, including rule revisions designed to modernize the oil and gas company reserves reporting requirements, which we implemented effective December 31, 2010.  Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and natural gas reserves. Uncertainties include the projection of future production rates and the expected timing of development expenditures.  The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment.  As a result, reserves estimates may be different from the quantities of crude oil and natural gas that are ultimately recovered. In addition, economic producibility of reserves is dependent on the oil and gas prices used in the reserves estimate. Our reserves estimates are based on 12-month average commodity prices, unless contractual arrangements otherwise designate the price to be used, in accordance with SEC rules.  However, oil and gas prices are volatile and, as a result, our reserves estimates will change in the future.
	Estimates of proved crude oil and natural gas reserves significantly affect our depreciation, depletion, and amortization “DD&A” expense.  For example, if estimates of proved reserves decline, the DD&A rate will increase, resulting in a decrease in net income.  A decline in estimates of proved reserves could also result in an impairment charge, which would reduce earnings.
	Oil and Gas Producing Activities
	The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized.  Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities.  Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs.  A significant alteration would typically involve a sale of 25% or more of proved reserves.
	Depletion of exploration and development costs and depreciation of wells and tangible production assets is computed using the units-of-production method based upon estimated proved oil and gas reserves.  Costs included in the depletion base to be amortized include (a) all proved capitalized costs including capitalized asset retirement costs net of estimated salvage values, less accumulated depletion, (b) estimated future development cost to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs.
	The costs of undeveloped acreage are withheld from the depletion base until it is determined whether or not proved reserves can be assigned to the properties.   When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties or the amount of the impairment is added to full cost pool which is subject to depletion calculations.
	Under the full cost method of accounting, capitalized oil and gas property costs less accumulated depletion and net of deferred income taxes may not exceed an amount equal to sum of i.) the present value, discounted at 10%, of estimated future net revenues from proved oil and gas reserves, plus ii.) the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are not subject to amortization.  Should capitalized costs exceed this ceiling, an impairment expense is recognized.
	The present value of estimated future net cash flows was computed by applying: a flat oil price to forecast  revenues from estimated future production of proved oil and gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes.
	The Company recognized impairment expense of $0 and $26.66 million for the years ended December 31, 2013 and 2012, respectively.
	Effective as of December 31, 2013, the Company completed an assessment of impairment related to its inventory of undeveloped acreage, which resulted in a reduction of the carrying value in the amount of $9.58 million. This impairment was recognized by a transfer of the impairment value from undeveloped acreage to developed properties. In assessing impairment, the Company analyzed all of its undeveloped acreage with expiration dates during the years ended December 31, 2014 and 2015, and that are not otherwise renewable, and impaired such acreage in the amount of $6.38 million. In addition to impairment related to near and intermediate term expirations, the Company assessed carrying value of its remaining acreage, and concluded that an additional impairment of $3.20 million was necessary. (See Note 4 – Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures.)
	Wells in Progress
	Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and gas reserves in commercial quantities.  Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned.  Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations. (See Note 5 – Wells in Progress.)
	During the year ended December 31, 2013, the Company evaluated the wells in progress activity and transferred $0.18 million to evaluated properties for projects that were either completed or are no longer being evaluated.
	As of December 31, 2013, the Company has $1.15 million in wells in progress compared to $0.19 million in wells in progress as of December 31, 2012. (See Note 5 – Wells in Progress.)
	Deferred Financing Costs
	As of December 31, 2013 and December 31, 2012, the Company recorded unamortized deferred financing costs of approximately $0.03 million and $0.97 million, respectively, related to the closing of its loans and credit agreements. Deferred financing costs include origination (warrants issued and overriding royalty interests assigned to Hexagon), legal and engineering fees incurred in connection with the Company's credit facility, which are being amortized over the term of the credit facility. The Company recorded amortization expense of approximately $0.71 million and $1.60 million, respectively, in the years ended December 31, 2013 and December 31, 2012. (See Note 8-Loan Agreements.)
	Property and Equipment
	Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from one to seven years. The Company recorded $0.03 million and $0.02 million of depreciation for the years ended December 31, 2013 and December 31, 2012, respectively.
	Impairment of Long-lived Assets
	The Company accounts for long-lived assets (other than oil and gas properties) at cost. Other long-lived assets include property and equipment, prepaid advisory fees, and identifiable intangible assets with finite useful lives (subject to amortization, depletion, and depreciation). The Company may impair these assets whenever events or changes in circumstances indicate that the carrying amount such assets may not be fully recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
	As of December 31, 2013, no impairment has been recorded for long lived assets. As of December 31, 2012, no impairment was recorded for long lived assets other than the impairment of capitalized oil and gas property costs during December 31, 2013 and 2012 as discussed in undeveloped acreage and wells in progress. (See Note 4 – Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures.)
	Fair Value of Financial Instruments
	As of December 31, 2013 and 2012, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses, interest payable and customer deposits approximates fair value due to the short-term nature of such items.  The carrying value of the Company’s secured debt is carried at cost as the related interest rate, approximates rates currently available to the Company.  Certain other assets and liabilities are measured at fair value. (See Note 7-Fair Value of Financial Instruments.)
	Commodity Derivative Instrument
	The Company utilizes swaps to reduce the effect of price changes on a portion of our future oil production. On a monthly basis, a swap requires us to pay the counterparty if the settlement price exceeds the strike price and the same counterparty is required to pay us if the settlement price is less than the strike price.  The objective of the Company's use of derivative financial instruments is to achieve more predictable cash flows in an environment of volatile oil and gas prices and to manage its exposure to commodity price risk. While the use of these derivative instruments limits the downside risk of adverse price movements, such use may also limit the Company's ability to benefit from favorable price movements. The Company may, from time to time, add incremental derivative contracts to hedge additional production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of the Company's existing positions. (See Note 6-Derivitvies.)
	The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts. The Company's derivative contracts have typically been arranged with one counterparty.  The Company has netting arrangements with this counterparty that provide for the offset of payables against receivables from separate derivative arrangements with the counterparty in the event of contract termination. The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement.  The Company periodically enters into various commodity derivative financial instruments intended to hedge against exposure to market fluctuations of oil prices. As of December 31, 2013, the Company maintained an active commodity swap for 100 barrels of oil per day through January 31, 2014 at a price of $99.25 per barrel. (See Note 6-Derivitvies.)
	Revenue Recognition
	We record revenues from the sales of crude oil, natural gas and natural gas liquids when the product is delivered at a fixed or determinable price, title has transferred and collectability is reasonably assured.
	Asset Retirement Obligation
	The Company incurs retirement obligations for certain assets at the time they are placed in service.  The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated.  Over time, the liabilities are accreted for the change in their present value. (See Note 7-Fair Value of Financial Instruments.)
	For purposes of depletion calculations, the Company also includes estimated dismantlement and abandonment costs, net of salvage values, associated with future development activities that have not yet been capitalized as asset retirement obligations.
	Asset retirement obligations incurred are classified as Level 3 (unobservable inputs) fair value measurements.  The asset retirement liability is allocated to operating expense using a systematic and rational method.  As of December 31, 2013 and 2012, the Company recorded a related liability of $1.11 million and $0.91 million. (See Note 7-Fair Value of Financial Instruments.)
	The information below reconciles the value of the asset retirement obligation for the periods presented (in thousands):
		For the years ended
		December 31,
		2013		2012
	Balance, beginning of period	$	912	$	613
	Liabilities incurred		66		198
	Accretion expense		91		101
	Change in estimate		36		-
	Balance, end of period	$	1,105	$	912
Share Based Compensation
The Company measures the fair value of share-based compensation expense awards made to employees and directors, including stock options, restricted stock and employee stock purchases related to employee stock purchase plans, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense ratably over the requisite service periods. The measurement of share-based compensation expense is based on several criteria, including but not limited to the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate and award cancellation rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, Lilis may change the input factors used in determining future share-based compensation expense.
Lilis accounts for warrant grants to non-employees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the non-employee’s performance is complete or a performance commitment is reached. (See Note 12- Shareholders Equity.)
Warrant Modification Expense
The Company accounts for the modification of warrants as an exchange of the old award for a new award. The incremental value is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before modification, and is either expensed as a period expense or amortized over the performance or vesting date. We estimate the incremental value of each warrant using the Black-Scholes option pricing model. The Black-Scholes model is highly complex and dependent on key estimates by management. The estimate with the greatest degree of subjective judgment is the estimated volatility of our stock price. (See Note 12-Shareholder Equity.)
Loss per Common Share
Earnings (losses) per share are computed based on the weighted average number of common shares outstanding during the period presented. Diluted earnings (losses) per share are computed using the weighted-average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares.  Potentially dilutive securities, such as conversion derivatives and stock purchase warrants, are excluded from the calculation when their effect would be anti-dilutive.  As of December 31, 2013, a total of 6,773,913 and 3,665,859, respectively, of shares underlying warrants and convertible debentures have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred.  Accordingly, basic shares equal diluted shares for all periods presented.
Income Taxes
Prior to December 31, 2011, the Company filed its tax returns on an April 30 fiscal year end. During the year ended December 31, 2012, the Company received approval by the Internal Revenue Service (“IRS”) to move the Company’s tax year end to December 31 from April.
The Company uses the asset liability method in accounting for income taxes.  Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities, and are measured using the tax rates expected to be in effect when the differences reverse.  Deferred tax assets are also recognized for operating loss and tax credit carry forwards.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date.  A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization.
We recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities.  The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.  A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards.  As of December 31, 2013 and 2012, the Company has determined that no liability is required to be recognized. (See Note-11 Income Taxes.)
Our policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. However, we did not accrue interest or penalties at December 31, 2013 and December 31, 2012, because the jurisdiction in which we have unrecognized tax benefits does not currently impose interest on underpayments of tax and we believe that we are below the minimum statutory threshold for imposition of penalties. We do not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months. The earliest years remaining subject to examination are December 31, 2011, April 30, 2011 and April 30, 2010. (See Note-11 Income Taxes.)
Recently Issued Accounting Pronouncements
Various accounting standards updates are issued, most of which represented technical corrections to the accounting literature or were applicable to specific industries, are not expected to a have a material impact on the Company's financial position, results of operations or cash flows.

Oil_and_Gas_Properties_Oil_and

Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2013
Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures [Abstract]	'
OIL AND GAS PROPERTIES & OIL AND GAS PROPERTIES ACQUISITIONS AND DIVESTITURES	'
	NOTE 4 – OIL AND GAS PROPERTIES & OIL AND GAS PROPERTIES ACQUISITIONS AND DIVESTITURES
	In February 2012, we completed the sale of our Grover Prospect acreage, under which we agreed to sell all of our oil and gas leases in the Grover Field in Weld County, Colorado to Bill Barrett Corporation for approximately $4.54 million.
	In April, 2012, we made the decision to abandon one of our unconventional Niobrara wells that was categorized as a well in progress as of December 31, 2011.  In conjunction with that decision, all capitalized drilling, completion and allocable lease costs related to this well in the amount of $4.8 million were transferred to developed properties.  This transfer of costs contributed to a $3.27 impairment charge of developed properties derived from the ceiling test completed as of March 31, 2012. In December 2012, the Company made a decision to abandon the one remaining unconventional Niobrara well. In conjunction with the decision, all capitalized drilling, completion and allocable lease costs related to both wells-in-progress in the amount of $10.06 million were transferred to developed properties.  Furthermore, the company analyzed all of its undeveloped acreage with expiration dates during the year ended December 31, 2015 and transferred $5.94 million to developed properties.  Also, the Company reduced the PV-10 of the proved undeveloped reserve acreage by utilizing the assumption that its proven undeveloped reserves would be developed on a promoted basis, which reduced the production amounts to 25% of the Company’s 100% ownership.  As a result, the ceiling test performed by the Company yielded an increased impairment.  The transfer of both of the costs to the developed properties and a reduction of proved undeveloped reserve acreage resulted in an impairment of $23.39 million during December 2012, for a total impairment of $26.66 million for the year ended December 31, 2012.
	During 2012, the Company purchased $0.20 million of undeveloped oil and gas acreage interest located in the DJ Basin.
	On December 27, 2012, the Company leased undeveloped acreage for total proceeds of $1.50 million in the DJ Basin to a private company granting a four-year lease for the deep rights on approximately 6,300 net acres.  The Company paid Hexagon $0.75 million of the proceeds which reduced the long-term debt principal amount.
	In February 2013, the Company completed the sale of certain oil and gas properties for $0.64 million.
	In June 2013, the Company purchased a 50% working interest in a section in Laramie County, Wyoming for $0.60 million with an additional $0.13 million as additions to the well equipment and intangible equipment. The purchase was classified as $0.30 million into undeveloped acreage and $0.43 million into oil and gas properties.
	Effective as of December 31, 2013, the company impaired all of its undeveloped acreage with expiration dates prior to 2016 that are not otherwise extendable, and transferred $6.12 million of the cost of such acreage to developed properties.  Also, the Company also completed its annual impairment analysis of undeveloped acreage and transferred an additional amount of $3.20 million in carrying cost from unevaluated leaseholds to evaluated leaseholds.
	Depreciation, depletion and amortization (“DD&A”) expenses related to the proved properties were  approximately $2.39 million and $4.55 million for the years ended December 31, 2013 and December 31, 2012, respectively.    During the year ended December 31, 2012, the company impaired the carrying costs of its developed oil and gas properties by $26.66 million, respectively, as a result of an excess of carrying costs above the applicable ceiling threshold based on the fair market value of the proved developed and proved undeveloped acreage.  No such impairment expense has been recognized in the year ended December 31, 2013.
	The following table sets forth a summary of oil and gas property costs (net of divestitures) not being amortized as of December 31, 2013 and 2012 (in thousands):
		As of December 31,
		2013			2012
	Undeveloped acreage
	Beginning Balance	$	28,067		$	45,697
	Acquisitions		368			204
	Transferred to evaluated properties		-			-
	Leased deep rights of undeveloped acreage		-			(1,444	)
	Impairment and other reclassification to evaluated properties		(9,771	)		(16,390	)
	Total undeveloped acreage	$	18,664		$	28,067
	Wells in progress:
	Beginning Balance	$	194		$	6,426
	Additions		1,125			3,824
	Reclassification to evaluated properties		(173	)		(10,056	)
	Total wells in progress	$	1,146		$	194
	Total property not subject to DD&A	$	19,810		$	28,261

Wells_in_Progress

Wells in Progress	12 Months Ended
	Dec. 31, 2013
Wells in Progress [Abstract]	'
WELLS IN PROGRESS	'
	NOTE 5 – WELLS IN PROGRESS
	The following table reflects the net changes in capitalized additions to wells in progress during 2013 and 2012 (in thousands):
		As of December 31,
		2013			2012
	Wells in progress:
	Beginning Balance	$	194			$	6,426
	Additions		1,125				3,824
	Reclassification to developed properties		(173	)			(10,056	)
	Total wells in progress	$	1,146			$	194
	During the year ended December 31, 2013, the Company evaluated the wells in progress activity and transferred $0.18 million to evaluated properties for projects that were neither completed or are no longer being evaluated.
	During the fourth quarter of 2013, the Company funded the drilling of a horizontal well in North Wattenberg for a $1.07 million.  Completion of the well is scheduled for second quarter 2014.
	In 2012, we made the decision to abandon both of our unconventional Niobrara wells that were categorized as a well in progress as of December 31, 2011.  In conjunction with that decision, all capitalized drilling, completion and allocable lease costs related to these wells in the amount of $10.06 million were transferred to developed properties.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2013
Derivatives [Abstract]	'
DERIVATIVES	'
	NOTE 6 - DERIVATIVES
	The Company periodically enters into various commodity derivative financial instruments intended to hedge against exposure to market fluctuations of oil prices. As of December 31, 2013, the Company maintained an active commodity swap for 100 barrels of oil per day through January 31, 2014 at a price of $99.25 per barrel.
	The amount of gain (loss) recognized in income related to our derivative financial instruments was as follows (in thousands):
		For the Year Ended
		December 31,
		2013				2012
	Realized gain (loss) on oil price hedges	$	(17	)	$	780
	Unrealized gain oil price hedges	$	2			$	-
	Realized gains and losses are recorded as individual swaps mature and settle.  These gains and losses are recorded as income or expenses in the periods during which applicable contracts settle.  Swaps which are unsettled as of a balance sheet date are carried at fair market value, either as an asset or liability.  Unrealized gains and losses result from mark-to-market changes in the fair value of these derivatives between balance sheet dates. (See Note 7 - Fair Value of Financial Instruments.)

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2013
Fair Value of Financial Instruments [Abstract]	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS
	The Company measures fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs, used in the valuation methodologies in measuring fair value:
	●         Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	●         Level 2 – Other inputs that are directly or indirectly observable in the marketplace.
	●         Level 3 – Unobservable inputs which are supported by little or no market activity.
	The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
	The Company’s cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses, interest payable and customer deposits approximate fair value due to the short-term nature or maturity of the instruments.  The Company’s fixed rate 10% and 8% term loans and convertible debentures, respectively, are measured using Level 3 inputs.
	Executive Compensation
	In September, 2013, we announced the appointment of Abraham Mirman as our new president. In connection with Mr. Mirman’s appointment, the Company entered an employment agreement with our president, Mr. Mirman (the “Mirman Agreement”). Mr. Mirman Agreement provides for an incentive bonus package that, depending upon the relative performance of the Company’s common stock compared to the performance of stocks of certain peer group companies as measured from Mr. Mirman’s initial date of employment through December 31, 2014, may result in a cash bonus payment to Mr. Mirman of up to 3.0 times his base salary. The incentive bonus is recorded as a liability and will be valued every quarter. The Company engaged a third party to complete a valuation of this conversion liability. As of December 31, 2013, the Company recorded a liability of $0.15 million. (See Note 13-Share Based and Other Compensation.)
	Derivative Instruments
	The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third parties, and the credit rating of its counterparty.  The Company also performs an internal valuation to ensure the reasonableness of third-party quotes.
	The types of derivative instruments utilized by the Company included commodity swaps.  The oil derivative markets are highly active.  Although the Company’s economic hedges are valued using public indices, the instruments themselves are traded with third-party counterparties and are not openly traded on an exchange.  As such, the Company has classified these instruments as Level 2.
	In evaluating counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments.  The Company considered that the counterparty is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. (See Note 6-Derivitives.)
	Asset Retirement Obligation
	The fair value of the Company’s asset retirement obligation liability is calculated at the point of inception by taking into account: 1) the cost of abandoning oil and gas wells, which is based on the Company’s and/or Industry’s historical experience for similar work, or estimates from independent third-parties; 2) the economic lives of its properties, which are based on estimates from reserve engineers; 3) the inflation rate; and 4) the credit adjusted risk-free rate, which takes into account the Company’s credit risk and the time value of money.  Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs.
	Convertible Debentures Payable Conversion Feature
	In February 2011, the Company issued in a private placement $8.40 million aggregate principal amount of three year 8% Senior Secured Convertible Debentures (“Debentures”) with a group of accredited investors. During the year ended December 31, 2012, the Company issued an additional $5.00 million of Debentures, resulting in a total of $13.40 million of Debentures outstanding as of December 31, 2012. Through December 31, 2013, the Company issued an additional $2.20 million of supplemental convertible debentures As of December 31, 2013 the Company had a total debenture amount of $15.58 million. As of December 31, 2013, the Debentures are convertible at any time at the holders’ option into shares of our common stock at $4.25 per share, subject to certain adjustments, including the requirement to reset the conversion price based upon any subsequent equity offering at a lower price per share amount. The Company engaged a third party to complete a valuation of this conversion liability. (See Note 8-Loan Agreements.)
	The following table provides a summary of the fair values of assets and liabilities measured at fair value (in thousands):
	December 31, 2013:
		Level 1			Level 2		Level 3			Total
	Assets
	Commodity derivative instruments	$	-		$	7	$	-		$	7
	Total assets, at fair value	$	-		$	7	$	-		$	7
	Liability
	Executive employment agreement	$	-		$	-	$	(145	)	$	(145	)
	Convertible debentures conversion derivative liability	$	-		$	-	$	(1,150	)	$	(1,150	)
	Total liability, at fair value	$	-		$	-	$	(1,295	)	$	(1,295	)
	December 31, 2012:
		Level 1			Level 2		Level 3			Total
	Liability
	Commodity derivative instruments	$	-		$	-	$	-		$	-
	Convertible debentures conversion derivative liability		-			-		(1,680	)		(1,680	)
	Total liability at fair value	$	-		$	-	$	(1,680	)	$	(1,680	)
	The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets and liabilities as of December 31, 2013 (in thousands):
	Beginning balance, December 31, 2012	$	(1,680	)
	Executive employment agreement liability		(145	)
	Convertible debentures conversion derivative gain		730
	Additions to derivative liability from Supplemental Debenture		(200	)
	Ending balance, December 31, 2013	$	(1,295	)
	The Company did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the year ending December 31, 2013 and 2012.

Loan_Agreements

Loan Agreements	12 Months Ended
	Dec. 31, 2013
Loan Agreements [Abstract]	'
LOAN AGREEMENTS	'
	NOTE 8 - LOAN AGREEMENTS
	Term Loans
	The Company entered into three separate loan agreements with Hexagon in January, March and April 2010. All three loans originally bore annual interest at a rate of 15% (which has been reduced, as discussed below), each had an original maturity date of December 1, 2010 (which has been extended, as discussed below), and have similar terms, including customary representations and warranties and indemnification, and require the Company to repay the loans with the proceeds of the monthly net revenues from the production of the acquired properties.  The loans contain cross collateralization and cross default provisions and are collateralized by mortgages against a portion of the Company’s developed and undeveloped leasehold acreage.
	In April 2013, Hexagon agreed to amend all three loan agreements to extended the maturity date to May 16, 2014, reduce the annualized interest rate to 10% from 15% beginning retroactively with March 2013, decrease our minimum monthly payment under the term loans to $0.23 and allow us to make interest-only payments for March, April, May, and June.  In consideration for the extended maturity date, reduced interest rate, and reduced minimum loan payment, we provided Hexagon an additional security interest in 15,000 acres of our undeveloped acreage.
	The Company is subject to certain non-financial covenants with respect to the Hexagon loan agreements.  As of December 31, 2013, the Company was in compliance with all covenants under the facilities.
	As of December 31, 2013, the total amount outstanding on the three loan agreements was $18.77 million.
	On May 19, 2014, the Company received an extension from Hexagon of the maturity date under its term loans, from May 16, 2014 to August 15, 2014. On May 30, 2014, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with Hexagon, which provides for the settlement of all amounts outstanding under the Term Loans. In connection with the execution of the Settlement Agreement, the Company made an initial cash payment of $5.0 million. The Settlement Agreement requires the Company to make an additional cash payment of $5.0 million (the “Second Cash Payment”) by June 30, 2014, and at that time issue to Hexagon (i) a two-year $6.0 million unsecured note (the “Replacement Note”), bearing interest at an annual rate of 8%, requiring principal and interest payments of $90,000 per month, and (ii) 943,208 shares of unregistered common stock (the “Shares”). The parties have also agreed that if the Second Cash Payment is not made by June 30, 2014, an additional $1.0 million in principal will be added to the Replacement Note, and if the Replacement Note is not retired by December 31, 2014, the Company will issue an additional 1.0 million shares of its common stock to Hexagon. Finally, Hexagon will not, until the earlier of June 30, 2014 or the date the Company achieves sustained average trading volume in excess of 100,000 shares per day for at least ten consecutive trading days, sell or otherwise transfer for value any shares of the Company’s common stock or any securities convertible into the Company’s common stock, and thereafter until December 31, 2014, Hexagon will not sell or otherwise transfer for value more than 10,000 shares per week of the Company’s common stock or any securities convertible into the Company’s common stock. Under the Settlement Agreement, Hexagon will release its security interest under the Term Loans once the Company has delivered the Second Cash Payment, the Replacement Note and the Shares. (See Note 14-Subsequent Events.)
	Convertible Debentures Payable
	In February 2011, the Company completed a private placement of $8.40 million aggregate principal amount of the Debentures, secured by mortgages on several of our properties. Initially, the Debentures were convertible at any time at the holders' option into shares of our common stock at $9.40 per share, subject to certain adjustments, including the requirement to reset the conversion price based upon any subsequent equity offering at a lower price per share amount. Interest at an annualized rate of 8% is payable quarterly on each May 15, August 15, November 15 and February 15 in cash or, at the Company's option, in shares of common stock, valued at 95% of the volume weighted average price of the common stock for the 10 trading days prior to an interest payment date. The Company can redeem some or all of the Debentures at any time. The redemption price is 115% of principal plus accrued interest. If the holders of the Debentures elect to convert the Debentures, following notice of redemption, the conversion price will include a make-whole premium equal to the interest accruable through the 18 month anniversary of the original issue date of the Debenture less the amount of any interest paid on the portion of the Debenture being redeemed prior to the optional redemption date, payable in common stock. TR Winston  acted as placement agent for the private placement and received $0.04 million of Debentures equal to 5% of the gross proceeds from the sale. The Company is amortizing the $0.04 million over the life of the loan as deferred financing costs. The Company amortized $0.01 million of deferred financing costs into interest expense during the year ended December 31, 2013, and has $0.03 million of deferred financing cost to be amortized through May 2014.
	In December 2011, the Company agreed to amend the Debentures to lower the conversion price to $4.25 from $9.40 per share. This amendment was an inducement consideration to the Debenture holders for their agreement to release a mortgage on certain properties so the properties could be sold. The sale of these properties was effective December 31, 2011, and a final closing occurred during first quarter of 2012.
	On March 19, 2012, the Company entered into agreements with some of its existing Debenture holders to issue up to $5.0 million in additional debentures (the “Supplemental Debentures”).  Under the terms of the Supplemental Debenture agreements, proceeds derived from the issuance of Supplemental Debentures were used principally for the development of certain of the Company's proved undeveloped properties and other undeveloped acreage currently targeted by the Company for exploration, as well as for other general corporate purposes. Any new producing properties developed from the proceeds of Supplemental Debentures are to be pledged as collateral under a mortgage to secure future payment of the Debentures and Supplemental Debentures. All terms of the Supplemental Debentures are substantively identical to the Debentures.  The Agreements also provided for the payment of additional consideration to the purchasers of Supplemental Debentures in the form of a proportionately reduced 5% carried working interest in any properties developed with the proceeds of the Supplemental Debenture offering.
	Through July 2012, we received $3.04 million of proceeds from the issuance of Supplemental Debentures, which were used for the drilling and development of six new wells, resulting in a total investment of $3.69 million.  Four of these wells resulted in commercial production, and  two wells were  plugged and abandoned.
	In August 2012, the Company and holders of the Supplemental Debentures agreed to renegotiate the terms of the Supplemental Debenture offering.  These negotiations concluded with the issuance of an additional $1.96 million of Supplemental Debentures.  The August 2012 modifications to the Supplemental Debenture agreements increased the carried working interest from 5% to 10% and also provided for a one-year, proportionately reduced net profits interest of 15% in the properties developed with the proceeds of the Supplemental Debenture offering, as well as the next four properties to be drilled and developed by the Company.  In conjunction with commitments to additional Debentures in June 2013 (see below), the commitment to provide a 10% carried interest  and  a 15%  one year net profits interest related to the development of four future properties was modified to a 15% carried interest in such properties. As a result, of the modified carried working interest to 15%, $0.16 million of debt discount was reversed.
	On September 8, 2012, the Company issued 50,000 shares, valued at $0.23 million, to TR Winston for acting as a placement agent of the Supplemental Debentures.  The Company is amortizing the $0.23 million over the life of the loan as deferred financing costs.  The Company amortized $0.13 million and $0.05 million of deferred financing costs into interest expense during the year ended December 31, 2013 and 2012, and has $0.05 million of deferred financing costs to be amortized through May 2014.
	In April 2013, the holders of the Debentures agreed to extend their maturity date to May 16, 2014. On May 19, 2014, the Company received an extension on the Debentures until August 15, 2014. The Debentures waived their right to declare an event of default in connection with the May 15, 2014 maturity date under the Debenture agreement.  In consideration for the extended maturity date the Company provided an additional security interest in 15,000 acres of our undeveloped acreage, as additional collateral for the Debentures.
	In April 2013, we received approval from our existing secured debt and convertible debenture holders to issue up to $5.00 million of additional convertible debentures with terms substantially identical to our existing convertible debentures.   As of November 8, 2013 we have issued $2.20 million of such convertible debt, inclusive of $2.21 million that had been issued as of December 31, 2013.  Two officers of the Company participated in the additional convertible debentures for a combined total of $0.43 million.   Proceeds from the issuance of this convertible debt have been used toward the development of certain specific properties, and to a lesser extent, general corporate purposes.  The recent commitments were subject to certain yield enhancements, including a 25% carried interest in certain properties scheduled to be developed with the proceeds. During the year ended December 31, 2013, the Company paid TR Winston $0.04 million as acting placement agent for the additional $2.20 million of supplemental debentures. The Company amortized $.01 million for the year ended December 31, 2013, and has $0.03 million of deferred financing costs to be amortized through May 2014.
	We periodically engage a third party valuation firm to complete a valuation of the conversion feature associated with the Debentures, and with respect to December 31, 2013, the Supplemental Debentures.  This valuation resulted in an estimated derivative liability as of December 31, 2013 and December 31, 2012 of $1.15 million and $1.68 million, respectively.  The portion of the derivative liability that is associated with the October 2013 Supplemental Debentures, in the approximate amount of $0.50 million has been recorded as a debt discount, and is being amortized over the remaining life of the Supplemental Debentures. (See Note 7-Fair Value of Financial Instruments.)
	During the year ended December 31, 2013 and 2012, the Company amortized $2.41 million and $2.36 million, respectively, of debt discounts.
	On January 31, 2014, the Company entered into a Debenture Conversion Agreement (the “Conversion Agreement”) between the Company and all of the holders of the Debentures.  Under the terms of the Agreement, $9 million of the approximately $15.6 million in Debentures then outstanding immediately converted to common stock at a price of $2.00 per common share.  The balance of the Debentures may be converted to common stock, subject to receipt of shareholder approval as required by NASDAQ continued listing requirements.  As additional inducement for the conversions, the Conversion Agreement provides that the Company issue warrants to the converting Debenture holders to purchase one share of Common Stock, at an exercise price equal to $2.50 per share (the “Warrants”), for each share of Common Stock issued upon conversion of the Debentures. (See Note 14-Subsequent Events.)
	On May 19, 2014, the holders of the Debentures agreed to extend the maturity date of the Debentures until August 15, 2014, and waived their right to declare an event of default in connection with the May 16, 2014 maturity date under the Debentures. On June 6, 2014, the holders of the remaining Debentures agreed to further extend the maturity date under the Debentures from August 15, 2014 to January 15, 2015. (See Note 14-Subsequent Events.)
	As of December 31, 2013 and 2012, the convertible debt is recorded as follows (in thousands):
		As of			As of
		December 31,			December 31,
		2013			2012
	Convertible debentures	$	15,580		$	13,400
	Debt discount		(993	)		(3,100	)
	Total convertible debentures, net	$	14,587		$	10,300
	As a result of the Conversion Agreement, the Debentures are being carried on the balance sheet as of December 31, 2013 as long term liabilities. The convertible debentures have been extended to January 15, 2015 by all of the convertible debenture owners. (See Note 14-Subsequent Events.)
	As a result of the Hexagon Settlement Agreement, the Term Notes are being carried on the balance sheet as of December 31, 2013 as follows (in thousands):
		As of
		December 31,
		2013
	Total Term Notes	$	18,774
	Short term notes payable		(10,663	)
	Long term notes payable	$	8,111
	Annual debt maturities as of December 31, 2013 (in thousands):
	Year 2
	Year 1	$	10,663
		23,691
	Thereafter		-
	Total	$	34,354
	Interest Expense
	For the year ended December 31, 2013 and 2012, the Company incurred interest expense of approximately $6.41 million and $8.06 million, respectively, of which approximately $4.04 million and $4.85 million, respectively, were non-cash interest expense and amortization of the deferred financing costs, accretion of the convertible debentures payable discount, and convertible debentures interest paid in common stock.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies [Abstract]	'
COMMITMENTS and CONTINGENCIES	'
	NOTE 9 - COMMITMENTS and CONTINGENCIES
	Environmental and Governmental Regulation
	At December 31, 2013, there were no known environmental or regulatory matters which are reasonably expected to result in a material liability to the Company. Many aspects of the oil and gas industry are extensively regulated by federal, state, and local governments in all areas in which the Company has operations. Regulations govern such things as drilling permits, environmental protection and air emissions/pollution control, spacing of wells, the unitization and pooling of properties, reports concerning operations, land use, and various other matters including taxation. Oil and gas industry legislation and administrative regulations are periodically changed for a variety of political, economic, and other reasons. As of December 31, 2013 the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect upon the financial condition of the Company.
	Legal Proceedings
	The Company may from time to time be involved in various legal actions arising in the normal course of business.  In the opinion of management, the Company’s liability, if any, in these pending actions would not have a material adverse effect on the financial position of the Company.  The Company’s general and administrative expenses would include amounts incurred to resolve claims made against the Company.
	Parker v. Tracinda Corporation, Denver District Court, Case No. 2011CV561.  In November 2012, the Company filed a motion to intervene in garnishment proceedings involving Roger Parker, the Company’s former Chief Executive Officer and Chairman.  The Defendant has served various writs of garnishment on the Company to enforce a judgment against Mr. Parker seeking, among other things, shares of unvested restricted stock.  The Company has asserted rights to lawful set-offs and deductions in connection with certain tax consequences, which may be material to the Company.  As a result of bankruptcy proceedings filed by Mr. Parker, the garnishment proceedings have been stayed.  At this stage, we cannot express an opinion as to the probable outcome of this matter.
	In re Roger A. Parker: Tracinda Corp. v. Recovery Energy, Inc. and Roger A. Parker, United States Bankruptcy Court for the District of Colorado, Case No. 13-10897-EEB. On June 10, 2013, Tracinda Corp. (“Tracinda”) filed a complaint (Adversary No. 13-011301 EEB) against the Company and Roger Parker in connection with the personal bankruptcy proceedings of Roger Parker, alleging that the Company improperly failed to remit to Tracinda certain property in connection with a writs of garnishment issued by the Denver District Court (discussed above). The Company filed an answer to this complaint on July 10, 2013. A trial date has not been set.
	There are no other material pending legal proceedings to which we or our properties are subject.
	Operating Leases
	The Company leases an office space under a one year operating lease in Denver, Colorado and Melville, New York.  Rent expense for the years ended December 31, 2013 and December 31, 2012, was $0.09 million and $0.09 million, respectively. The Company will have minimum lease payments of $0.12 million for the year ending December 31, 2014.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	NOTE 10 - RELATED PARTY TRANSACTIONS
	During the year ended December 31, 2013 and 2012, we have engaged in the following transactions with related parties:
	T.R. Winston & Company, LLC
	TR Winston, as placement agent for the Debentures, received compensation in the form of 50,000 shares, valued at $0.23 million, on September 8, 2012. The Company is amortizing the $0.23 million over the life of the loan as deferred financing costs. The Company amortized $0.13 million of deferred financing costs into interest expense during the year ended December 31, 2013, and has $0.22 million of deferred financing costs to be amortized through May 2014.
	TR Winston and G. Tyler Runnels, its majority owner, also participated as investors in the Debentures, and purchased an aggregate of $1.41 million in Debentures between February 2011 and June 2013.
	On April 15, 2013, the Company entered into an amendment of the Debentures to extend their maturity dates from February 8, 2014 to May 16, 2014.  In consideration for the extended maturity date, the Company provided the holders of the Debentures an additional security interest in 15,000 acres of its undeveloped acreage. (See Note 8-Loan Agreements.)
	On April 16, 2013, the Company entered into an agreement with a family trust controlled by Mr. Runnels to issue up to an additional $5.0 million in additional Debentures to existing Debenture holders, of which $1.5 million of would be issued on or before July 16, 2013. Between June 2013 through October 2013, the Company issued a total of $2.2 million in additional Debentures to existing Debenture holders. In November 2013, the Company paid TR Winston a commission of $40,000 in connection with the sale of these Debentures. (See Note 8-Loan Agreements.)
	On May 10, 2013 the Company entered into a one-year, non-exclusive investment banking agreement with TR Winston. Among other things, the agreement provided for (i) initial compensation to TR Winston in the amount of 100,000 common shares, and three-year warrants to purchase up to 900,000 shares of the Company’s common stock at a strike price of $4.25 per share (the “Retainer Fee”), (ii) a cash fee equal to 5% of the gross proceeds of any equity financing involving solely the issuance of common stock, or 6% for all other equity issuances, (iii) a cash expense allowance equal to 1% of the gross proceeds of any equity financing, (iv) warrants to purchase common stock equal to either 4% of the shares of common stock issued in connection with an equity offering or 2% of the shares to be issued upon conversion of convertible equity in such offering, (v) 3% of the total gross proceeds of any non-revolving, non-convertible credit facility debt financing, (vi) 1% of the amount initially drawn at closing on any revolving credit line or facility, and (vii) 1% of the issuance price of any credit enhancement instrument, including on an insured or guaranteed basis. (See Note 12-Shareholders Equity.)
	Under the investment banking agreement, in addition to the Retainer Fee, the Company paid TR Winston $40,000 in connection with the 2013 Debenture offerings, $576,570 in connection with the January 2014 Private Offering (paid in cash and restricted stock), and $225,000 (paid in 112,500 shares of restricted stock) in connection with the Debenture Conversion Agreement. TR Winston invested $0.17 million of these fees in the January Private Placement. The Company is obligated to pay TR Winston additional fees of $0.16 million upon shareholder approval of the participation of certain directors and officers in the January 2014 Private Placement and conversion of the remaining outstanding Debentures.
	In September 2013, the Company appointed Abraham Mirman as its President.  Prior to joining the Company, Mr. Mirman was employed by TR Winston as its Managing Director of Investment Banking and continues to devote a portion of his time to serving in that role.  In connection with the appointment of Mr. Mirman, the Company and TR Winston amended the investment banking agreement to provide that, upon the receipt by the Company of gross cash proceeds or drawing availability of at least $30,000,000, measured on a cumulative basis and including certain restructuring transactions, subject to the Company’s continued employment of Mr. Mirman, TR Winston would receive from the Company a lump sum payment of $1 million. Mr. Mirman’s compensation arrangements with TR Winston provide that upon TR Winston’s receipt from the Company of the lump sum payment, TR Winston would make a payment of $1 million to Mr. Mirman.  Mr. Mirman also received, as part of his compensation arrangement with TR Winston, the 100,000 common shares of the Company that were issued to TR Winston in conjunction with the investment banking agreement.
	Mr. Runnels, the majority owner of TR Winston, beneficially holds more than 5% of the Company’s common stock, including the holdings of TR Winston and his personal holdings.
	Roger Parker
	Roger Parker, the Company’s Chief Executive Officer until November 15, 2012, has interests in certain of the Company’s wells for which he is receiving revenue and joint-interest billings. As of December 31, 2012, Mr. Parker had $0.01 million in receivables outstanding and continued to have additional receivables based on monthly production and well maintenance. Furthermore, upon his resignation on November 15, 2012, the Company entered into a separation agreement which provided that Mr. Parker receive a one-year salary severance and health benefits for the year, and also provided for the deferral of vesting of 1,350,000 shares. In return, the Company received a general release and certain non-compete terms from Mr. Parker, in exchange for no less than 10 hours per week of Mr. Parker’s time as a consultant to the Company during the term of the separation agreement. As of December 31, 2013, the Company does not owe Mr. Parker any further amounts under the separation agreement.
	At the time of his retirement, Mr. Parker had been granted 1,350,000 shares of unvested common stock.  As a result of his separation from the Company, it was deemed improbable that these shares would vest to Mr. Parker in his capacity as an employee of the Company due to the termination of employment; however, it was deemed probable that these shares will vest under his separation agreement.  As a result, the Company reversed all of the compensation expense, in the amount of $6.75 million, associated with stock grants to Mr. Parker during his tenure as an employee, and recorded a consulting expense (in the amount of $3.59 million) related to the shares of stock that are expected to vest during the severance period of the separation agreement.  The net difference of these two amounts resulted in a reduction in 2012 general and administrative expenses of $3.16 million.
	Hexagon
	Hexagon, LLC (“Hexagon”), the Company’s primary lender, also holds over 5% of the Company’s common stock. On April 15, 2013, the Company and Hexagon agreed to amend the term loans to extend their maturity dates to May 16, 2014.  Pursuant to the amendment, Hexagon agreed to (i) reduce the interest rate under the term loans from 15% to 10% beginning retroactively with March 2013, (ii) permit the Company to make interest-only payments for March, April, May, and June 2013, after which time the minimum secured term loan payment became $0.23 million, and (iii) forbear from exercising its rights under the term loan credit agreements for any breach that may have occurred prior to the amendment. In consideration for the extended maturity date, the reduced interest rate and minimum loan payment under the secured term loans, the Company provided Hexagon an additional security interest in 15,000 acres of its undeveloped acreage. (See Note 8-Loan Agreements.)
	In addition, Hexagon and its affiliates have interests in certain of the Company’s wells independent of Hexagon’s interests under the term loans, for which Hexagon or its affiliates receive revenue and joint-interest billings.
	Other Transactions Involving Directors and Officers
	Certain of the Company’s directors and officers participated or committed to participate, directly and indirectly, as investors in the 2013 Debenture offerings (for an aggregate investment of $653,970).
	Conflict of Interest Policy
	We have a corporate conflict of interest policy that prohibits conflicts of interests unless approved by the board of directors. Our board of directors has established a course of conduct whereby it considers in each case whether the proposed transaction is on terms as favorable or more to the Company than would be available from a non-related party. Our board also looks at whether the transaction is fair and reasonable to us, taking into account the totality of the relationships between the parties involved, including other transactions that may be particularly favorable or advantageous to us. Each of the related party transactions was presented to our board of directors for consideration and each of these transactions was unanimously approved by our board of directors after reviewing the criteria set forth in the preceding two sentences. Each of our purchases from Davis was individually negotiated, and none of the transactions was contingent upon or otherwise related to any other transaction.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
INCOME TAXES	'
	NOTE 11 - INCOME TAXES
	The tax effects of temporary differences that gave rise to the deferred tax liabilities and deferred tax assets as of December 31, 2013 and 2012 were:
		December 31,
		2013			2012
	Deferred tax assets:
	Oil and gas properties and equipment	$	7,924,585		$	8,496,988
	Net operating loss carry-forward		17,373,276			14,910,936
	Share based compensation		4,369,953			3,885,974
	Abandonment obligation		404,394			238,864
	Derivative instruments		2,445			173,826
	Other		3,660			(48,909	)
	Total deferred tax asset		30,078,313			27,657,679
	Valuation allowance		(30,078,313	)		(27,657,679	)
	Net deferred tax asset	$	-		$	-
	Reconciliation of the Company’s effective tax rate to the expected federal tax rate is:
		For the Year Ended
		December 31,
		2013			2012
	Effective federal tax rate		35	%		35	%
	Effect of permanent differences		-6.38	%		-4.43	%
	State tax rate		1.6	%		1.64	%
	Change in rate		-	%		-	%
	Other		-5.31	%		-	%
	Valuation allowance		-24.91	%		-32.21	%
	Net		-	%		-	%
	At December 31, 2013 and 2012, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $47.47million and $40.70 million, respectively that may be offset against future taxable income. The Company has established a valuation allowance for the full amount of the deferred tax assets as management does not currently believe that it is more likely than not that these assets will be recovered in the foreseeable future. To the extent not utilized, the net operating loss carry-forwards as of December 31, 2013 will expire in from 2030 through 2033.  Net operating loss carryovers may be subject to reduction or limitation by application of Internal Revenue Code Section 382 from the result of ownership changes.

Shareholders_Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2013
Shareholder's Equity [Abstract]	'
SHAREHOLDERS' EQUITY	'
	NOTE 12 - SHAREHOLDERS’ EQUITY
	Common Stock
	As December 31, 2013, the Company had 100,000,000 shares of common stock and 10,000,000 shares of preferred stock authorized, of which 19,671,901 shares of common stock were issued and outstanding.  No preferred shares were issued or outstanding.
	During the year ended December 31, 2013, the Company issued 1,277,499 shares of common stock, including 636,282 shares to pay interest on convertible debentures, 100,000 paid to the investment banker, and 596,215 shares of common stock as restricted stock grants to employees, board members, or consultants. (See Note 13-Share Based and Other Compensation.)
	Investment Banking Agreement
	During the year ended December 31, 2013, the Company was party to a one-year, non-exclusive investment banking agreement with TR Winston, pursuant to which the Company issued to TR Winston 100,000 common shares, and 900,000 common stock purchase warrants. All warrants have a term of three years and a strike price of $4.25 per share. The investment banking agreement also provided for additional commissions and compensation in the event that TR Winston arranged a successful equity or debt financing during the term of the agreement. The 900,000 warrants were valued at $0.26 million and the 100,000 common shares were valued at $0.16 million. Both equity instruments are classified as prepaid assets and amortized over the life of the agreement. During the year ended December 31, 2013, $0.25 million was included in general and administrative expense as amortization of the value of these grants. (See Note 10- Related Party Transactions.)
	Convertible Debenture Interest
	During the year ended December 31, 2013, the Company issued 636,282 shares for payment of yearly interest expense on the convertible debentures valued at $1.17 million.
	Warrants
	A summary of warrant activity for the nine months ended December 31, 2013 is presented below:
		Warrants			Weighted-Average
					Exercise Price
	Outstanding at December 31, 2012		5,638,900		$	7.04
	Granted		1,216,263			4.25
	Exercised, forfeited, or expired		(81,250	)		(6.00	)
	Outstanding at December 31, 2013		6,773,913		$	5.24
	In January 2013, the Company entered into two separate consulting agreements, one with a financial advisory firm and one with a public relations company.  Each agreement provided for the issuance by the Company of 200,000 warrants for a total of 400,000 warrants, with an exercise price of $4.25 and a total valuation of $0.26 million. The shares vested 25% on March 31, 2013 and will vest 25% for each quarter thereafter. The Company is valuing the warrants each quarter based on their vesting schedule, and including the amount associated with such vesting warrants as an expense in the period of vesting.  During the year ended December 31, 2013, the Company recognized a total expense of $0.26 million for both of the consulting agreements.
	The aggregate intrinsic value associated with outstanding warrants as of December 31, 2013 and 2012 was $0, as the strike price of all warrants exceeded the market price for common stock, based on the Company’s closing common stock price of $2.32 and $1.99, respectively.  The weighted average remaining contract life as of December 31, 2013 was 1.56 years, and 2.56 years as of December 31, 2012.

Share_Based_and_Other_Compensa

Share Based and Other Compensation	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
SHARE BASED AND OTHER COMPENSATION	'
	NOTE 13 - SHARE BASED AND OTHER COMPENSATION
	Share-Based Compensation
	In September 2012, the Company adopted the 2012 Equity Incentive Plan (the “Plan”). The Plan was amended by the stockholders on June 27, 2013 to increase the number of common shares available for grant under the EIP from 900,000 shares to 1,800,000 shares and again on November 13, 2013 to increase the number of common shares available for grant under the EIP from 1,800,000 shares to 6,800,000 shares and to increase the number of common shares eligible for grant under the EIP in a single year to a single participant from 1,000,000 shares to 3,000,000 shares. Each member of the board of directors and the management team has been periodically awarded restricted stock grants, and in the future will be awarded such grants under the terms of the Plan.
	The costs of employee services received in exchange for an award of equity instruments are based on the grant-date fair value of the award, recognized over the period during which an employee is required to provide services in exchange for such award.
	During the year ended December 31, 2013, the Company granted 596,215 shares of restricted common stock to employees, directors and consultants, including 30,002 during the three months ended December 31, 2013. The Company also granted 3,800,000 stock options to employees and board members.
	The Company recognized a stock compensation expense of approximately $1.31 million and a credit of $1.75 million, respectively, for the year ended December 31, 2013 and 2012.
	Stock Options
	A summary of stock options activity for year ended December 31, 2013 is presented below:
		Stock
		Options
	Outstanding at December 31, 2012		-
	Granted		3,800,000
	Exercised, forfeited, or expired		-
	Outstanding at December 31, 2013		3,800,000
	In June 2013, the Company entered into employment agreements with the CEO and the then President/CFO for non-cash compensation which consisted of each individual receiving 300,000 stock options of which 100,000 vested immediately and 200,000 were scheduled to vest over the following 2 years. The options had a five-year life and an exercise price of $1.60, volatility of 63%, and an option value of $0.87 per share. The 600,000 stock options were valued at $0.52 million on date of grant. During the year ended December 31, 2013, the Company recognized $0.27 million as non-cash compensation expense and $0.25 million is to be amortized over the remaining vesting period.
	In connection with execution of these employment contracts, each executive also agreed to receive 93,750 shares of restricted common stock in lieu of a portion of their cash salaries, to vest on April 15, 2014.
	In September, 2013, the Company entered an employment agreement with Abraham Mirman (the “Mirman Agreement”). As an inducement for joining the Company, Mr. Mirman was granted 100,000 shares of the Company’s common stock, which vested immediately, was valued at $0.25 million, and was expensed as of the date of the grant. Mr. Mirman was also granted an option to purchase up to 600,000 shares of common stock of the Company, at a strike price of $2.45 per share, equal to the Company’s closing share price on September 16, 2013. This option will become exercisable upon the date the Company receives gross cash proceeds and/or drawing availability under a line of credit of at least $30,000,000, measured on a cumulative basis and including certain restructuring transactions. As such, the Company anticipates that this option will become exercisable if our shareholders subsequently approve the conversion of the remaining Debentures.
	Mr. Mirman was also granted options to purchase up to 2,000,000 shares of the Company’s common stock, 666,667 of which become exercisable if the Company has a reported share price of $7.50 and average daily production of 2,500 barrels of oil equivalent per day for a continuous 90-day period, and 666,667 and 666,666 of which become exercisable upon the same daily production condition and reported share prices of $10.00 per share and $12.50 per share, respectively.
	The Company received independent valuations of the i) option to purchase 600,000 shares of common stock; ii) the incentive bonus; and iii) the options to purchase 2,000,000 shares.  The option to purchase 600,000 shares was valued at $0.61 million and is being amortized over the life of the Mirman Agreement, which expires on December 31, 2014. The incentive bonus was valued at $0.15 million, and is recorded as a liability.  This liability will be revalued at each balance sheet date.  The options to purchase 2,000,000 shares were valued at $0.05 million and are being amortized over the life of the Mirman Agreement.
	In October 2013, the Company granted each of its independent directors 200,000 non-statutory options to purchase the Company’s common stock at an exercise price of $2.05, equal to the closing price at October 24, 2013. The options vest one-third for the next three years on the anniversary grant date.  The value of the 600,000 options at grant date was $0.64 million and will be amortized over the vesting period.
	A summary of restricted stock grant activity for the year ended December 31, 2013 is presented below:
		Shares
	Balance outstanding at December 31, 2012		1,730,710
	Granted		596,215
	Vested		(196,008	)
	Expired/ cancelled		(106,542	)
	Balance outstanding at December 31, 2013		2,024,375
	Total unrecognized compensation cost related to unvested stock grants was approximately $0.30 million as of December 31, 2013.  The cost at December 31, 2013 is expected to be recognized over a weighted-average remaining service period of 3 years.
	Separation Agreement
	In April 2014, the Company entered into a separation agreement with the W. Phillip Marcum, the Chief Executive Officer until April 16, 2014. The company provided Mr. Marcum with one year of severance compensation, to be paid through normal payroll practices. Furthermore, he received the immediate vesting of 200,000 options to purchase stock and the conversion of the remaining amount of the 2013 compensation into $0.15 million cash from 93,780 shares of stock. (See Note 14-Subsequent Events.)
	Employment Agreement
	In April 2014, we announced the appointment of Robert (Bob) A. Bell as our new Chief Operating Officer and President. In connection with Mr. Bell’s appointment, the Company entered an employment agreement with Mr. Bell (the “Bell Agreement”), which has an initial term of three years, provides for an annual base salary of $240,000 subject to adjustment by the Company, as well as a signing bonus of $100,000 and 100,000 shares of common stock, subject to certain conditions set forth in the Bell Agreement. In addition, Mr. Bell will receive an equity incentive bonus consisting of a non-statutory stock option to purchase up to 1,500,000 shares of common stock and a cash incentive bonus of up to $1,000,000, both subject to Mr. Bell’s continued employment. In addition, Mr. Bell’s incentive bonuses are subject to the Company’s achievement of certain production thresholds set forth in the Bell Agreement. (See Note 14-Subsequent Events.)
	Other Compensation
	We sponsor a 401(k) savings plan. All regular full-time employees are eligible to participate. We make contributions to match employee contributions up to 5% of compensation deferred into the plan. The Company made cash contributions of $0.03 million for the year ended December 31, 2013.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 14- SUBSEQUENT EVENTS
	January 2014 Private Placement
	On January 22, 2014, the Company entered into and closed a series of subscription agreements with accredited investors, pursuant to which the Company issued an aggregate of 2,959,125 units, with each unit consisting of (i) one share of the Company’s common stock, par value $0.0001 (the “Common Stock”) and (ii) one three-year warrant to purchase one share of Common Stock, at an exercise price equal to $2.50 per share (together, the “Units”), for a purchase price of $2.00 per Unit, for aggregate gross proceeds of $5,918,250 (the “January Private Placement”). The Company’s officers and directors have agreed to purchase an additional $1,425,000 of Units subject to receipt of shareholder approval as required by NASDAQ’s continued listing requirements. The warrants are not exercisable for six months following the closing of the January Private Placement. At any time following the closing of the Private Offering, the Company may force the exercise of the warrants provided the shares underlying the warrants are registered, the Common Stock has traded at or above $10.00 per share for a period of twenty (20) consecutive trading days with a minimum daily average volume of 100,000 shares, and the Company has given the Investors at least twenty (20) trading days’ notice.
	Debenture Conversion
	On January 31, 2014, the Company entered into a Debenture Conversion Agreement (the “Conversion Agreement”), between the Company and all of the holders of the Debentures. Under the terms of the Conversion Agreement, $9 million of the approximately $15.6 million in Debentures then outstanding immediately converted to common stock at a price of $2.00 per common share. The balance of the Debentures may be converted to common stock, subject to receipt of shareholder approval as required by the NASDAQ continued listing requirements. As additional inducement for the conversions, the Company issued warrants to the converting Debenture holders to purchase one share of Common Stock, at an exercise price equal to $2.50 per share, for each share of Common Stock issued upon conversion of the Debentures. The shares underlying the warrants have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
	A shareholders’ meeting to approve i) participation by officers and directors in the Private Offering, and ii) the conversion of the remaining outstanding Debentures is pending, and is anticipated to be held during the third quarter of 2014.
	Employment Agreement
	In April 2014, we announced the appointment of Robert A. (Bob) Bell as our new President and Chief Operating Officer. In connection with Mr. Bell’s appointment, the Company entered an employment agreement with Mr. Bell (the “Bell Agreement”), which has an initial term of three years, provides for an annual base salary of $240,000 subject to adjustment by the Company, as well as a signing bonus of $100,000 and 100,000 shares of common stock of which 1/3 vest immediately and the balance over three years, subject to certain conditions set forth in the Bell Agreement. In addition, Mr. Bell will receive an equity incentive bonus consisting of a non-statutory stock option to purchase up to 1,500,000 shares of common stock and a cash incentive bonus of up to $1,000,000, both subject to Mr. Bell’s continued employment. In addition, Mr. Bell’s incentive bonuses are subject to the Company’s achievement of certain pre-defined production thresholds set forth in the Bell Agreement.
	Separation Agreement
	In April 2014, the Company entered into a separation agreement (the “Marcum Agreement”) with W. Phillip Marcum in connection with his resignation from his positions with the Company. The Marcum Agreement provides, among other things, that, consistent with his resignation for good reason under his Employment Agreement, the Company will pay him 12 months of severance through payroll continuation, in the gross amount of $220,000, less all applicable withholdings and taxes, that all stock options held by Mr. Marcum as of the time of his termination will immediately vest, and that Mr. Marcum will remain eligible to receive any performance bonus granted by the Company to its senior executives with respect to Company and/or executive performance in 2013. In addition, the Marcum Agreement provides that the Company will pay Mr. Marcum $150,000 in accrued base salary for his service in 2013, less all applicable withholdings and taxes, in exchange for Mr. Marcum’s forfeiture of the 93,750 shares of unvested restricted common stock of the Company that was issued to Marcum in June 2013 in lieu of such base salary. Mr. Marcum may elect to apply amounts payable under the Marcum Agreement against his commitment to invest $125,000 in the Company’s previously disclosed private offering, upon shareholder approval of the participation of the Company’s officers and directors in that offering. The Marcum Agreement also contains certain mutual non-disparagement covenants, as well as certain mutual confidentiality, non-solicitation and non-compete covenants. In addition, Mr. Marcum and the Company each mutually released and discharged all known and unknown claims against the other and their respective representatives that they had or presently may have, including claims relating to Mr. Marcum’s employment. The Marcum Agreement effectively terminated the previously disclosed Employment Agreement entered into between Mr. Marcum and the Company, dated as of June 25, 2013.
	Hexagon Settlement
	On May 19, 2014, the Company received an extension from Hexagon of the maturity date under our term loans, from May 16, 2014 to August 15, 2014. As of May 16, 2014, there was an aggregate of $18.77 million outstanding under the term loans, which are collateralized by mortgages against a portion of the Company’s developed and undeveloped leasehold acreage.
	In connection with the extension, Hexagon and the Company agreed in principal to the settlement of all amounts outstanding under the term loans, pursuant to which (1) the Company will make a cash payment of $5.0 million no later than May 30, 2014 (the “First Cash Payment”), (2) the Company will make a cash payment of $5.0 million no later than June 30, 2014 (the “Second Cash Payment” and together with the First Cash Payment, the “Cash Payments”), (3) the Company will issue to Hexagon a two-year $6 million unsecured note (the “Hexagon Replacement Note”), bearing interest at an annual rate of 8%, requiring principal and interest payments of $90,000 per month, maturity May 30, 2016, and (4) the Company will issue to Hexagon 943,208 shares of unregistered common stock. The parties have also agreed that if either of the Cash Payments is not made on time, an additional $1.0 million in principal will be added to the Hexagon Replacement Note, and if the Hexagon Replacement Note is not retired by December 31, 2014, the Company will issue an additional 1.0 million shares of its common stock to Hexagon. Finally, Hexagon will not, until the earlier of June 30, 2014 or the date the Company achieves sustained average trading volume in excess of 100,000 shares per day for at least ten consecutive trading days, sell or otherwise transfer for value any shares of the Company’s common stock or any securities convertible into the Company’s common stock, and that thereafter until December 31, 2014, Hexagon will not sell or otherwise transfer for value more than 10,000 shares per week of the Company’s common stock or any securities convertible into the Company’s common stock.
	Debentures Extension
	On May 19, 2014, holders of the remaining Debentures agreed to extend the maturity date under the Debentures from May 16, 2014 to August 15, 2014, and to waive their right to declare an event of default in connection with the May 16, 2014 maturity date under the Debentures. On June 6, 2014, the holders of the remaining Debentures agreed to further extend the maturity date under the Debentures from August 15, 2014 to January 15, 2015.
	May Private Placement
	On May 30, 2014 the Company entered into and consummated a private placement (the “May Private Placement”) of its 8% Convertible Preferred Stock (“Preferred Stock”) with accredited investors, pursuant to which the company sold $7.50 million of Preferred Stock. The Preferred Stock provides for a dividend of 8% per annum, payable quarterly in arrears, which can be paid in cash or in shares of Common Stock if certain conditions are met. Each investor in the Preferred Stock was also granted a three-year warrant to purchase common stock equal to 50% of the number of shares that would be issuable upon full conversion of the Preferred Stock at the initial conversion price. The Company has the right to convert the Preferred Stock to common stock if the common stock is traded at $7.50 for ten consecutive trading days and the underlying shares of common stock are registered for resale. TR Winston was the placement agent for the transaction and will be paid a fee equal to 8% of the proceeds plus an additional 1% of the proceeds plus $25,000 in expenses. The Company used $5.00 million of the proceeds of the private placement to make the first cash payment in connection with the Hexagon settlement (discussed above), and intends to use the remaining proceeds to fund its oil and gas development projects and for general administrative expenses. On June 6, 2014, TR Winston executed a commitment to purchase or effect the purchase by third parties of an additional $15 million in Preferred Stock, which transaction is to be consummated within ninety (90) days.

Supplemental_Oil_and_Gas_Reser

Supplemental Oil and Gas Reserve Information (Unaudited)	12 Months Ended
	Dec. 31, 2013
Wells in Progress [Abstract]	'
SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED)	'
	NOTE 15- SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED)
	The following table sets forth information for the years ended December 31, 2013 and 2012 with respect to changes in the Company's proved (i.e. proved developed and undeveloped) reserves:
			Crude Oil			Natural Gas
			(Bbls)			(Mcf)
	December 31, 2011			608,237			148,077
	Purchase of reserves			39,327			-
	Revisions of previous estimates			(310,919	)		25,813
	Extensions, discoveries			99,615			313,958
	Sale of reserves			-			-
	Production			(85,160	)		(80,438	)
	December 31, 2012			351,100			407,410
	Purchase of reserves			7,825			-
	Revisions of previous estimates			512,023			2,238,788
	Extensions, discoveries			36,325			-
	Sale of reserves			(12,848	)		(17,076	)
	Production			(51,706	)		(64,845	)
	December 31, 2013			842,719			2,564,277
	Proved Developed Reserves, included above:
	Balance, December 31, 2011			215,693			148,077
	Balance, December 31, 2012			213,306			186,017
	Balance, December 31, 2013			170,531			313,358
	Proved Undeveloped Reserves, included above:
	Balance, December 31, 2011			392,545			-
	Balance, December 31, 2012			137,555			221,314
	Balance, December 31, 2013 (2)			672,188			2,250,920
	As of December 31, 2013 and December 31, 2012, we had estimated proved reserves of 842,719 and 351,100 barrels of oil, respectively and 427,380 and 67,902 thousand cubic feet ("MCF") of natural gas converted to BOE, respectively.  Our reserves are comprised of 66% and 84% crude oil and 34% and 16% natural gas on an energy equivalent basis, as of December 31, 2013 and December 31, 2012, respectively.
	The following values for the December 31, 2013 and December 31, 2012 oil and gas reserves are based on the 12 month arithmetic average first of month price January through December 31; resulting in a natural gas price of $4.31 and $2.75 per MMBtu (NYMEX price), respectively, and crude oil price of $89.56 and $87.37 per barrel (West Texas Intermediate price), respectively. All prices are then further adjusted for transportation, quality and basis differentials.
	The following summary sets forth the Company's future net cash flows relating to proved oil and gas reserves:
			For the Year Ended
			December 31,
			(in thousands)
			2013			2012
	Future oil and gas sales		$	86,521		$	32,612
	Future production costs			(22,095	)		(9,718	)
	Future development costs			(21,980	)		(546	)
	Future income tax expense (1)			-			-
	Future net cash flows			42,446			22,348
	10% annual discount			(19,104	)		(6,926	)
	Standardized measure of discounted future net cash flows (2)		$	23,342		$	15,422
	The principal sources of change in the standardized measure of discounted future net cash flows are (in thousands):
			2013			2012
	Balance at beginning of period		$	15,422		$	20,014
	Sales of oil and gas, net			(3,172	)		(4,656	)
	Net change in prices and production costs			(879	)		(1,724	)
	Net change in future development costs (2)			(20,311	)		7,766
	Extensions and discoveries (2)			686			3,916
	Acquisition of reserves			202			1,677
	Sale of reserves			(643	)		-
	Revisions of previous quantity estimates (2)			30,968			(15,031	)
	Previously estimated development costs incurred			-			638
	Net change in income taxes			-			-
	Accretion of discount			1,864			2,001
	Other			(795	)		821
	Balance at end of period		$	23,342		$	15,422
	-1	Our calculations of the standardized measure of discounted future net cash flows include the effect of estimated future income tax expenses for all years reported. We expect that all of our Net Operating Loss’ (“NOL”) will be realized within future carry forward periods. All of the Company's operations, and resulting NOLs, are attributable to our oil and gas assets. There were no taxes in any year as the tax basis and NOLs exceeded the future net revenue.
	-2	Total proven reserves as of December 31, 2013 are $23.34 million compared to reserves of $15.42 million for the year ended December 31, 2012, an increase of $7.92 million or 51%. This increase in standardized measure reflects an increase in proved undeveloped reserves to 1,047 MBOE in 2013 from 175 MBOE in 2012, an increase of 872 MBOE. This increase, in part, reflects the uncertainty in 2012 regarding whether the Company would have sufficient capital to support its current development plan. Proved undeveloped reserves in 2012 were estimated under the assumption that certain farm-outs and joint venture arrangements were required in order to finance development of such reserves. This assumption lowered both the reserve values and capital requirements. This assumption was removed in the preparation of the Company’s 2013 reserve estimates due to the Company’s improving financial health. Proved undeveloped reserves also increased as a result of a change in the development plan for one of the Company’s major properties. The development plan was modified from a vertical to a horizontal program due principally to recent development activities in adjacent and nearby drilling units, resulting in significant increases in units attributable to revisions of previous estimates.
		At December 31, 2013, we have no proved undeveloped reserves that are scheduled for development five years or more beyond the date the reserves were initially recorded.
	Revisions of previous quantity estimate in 2013 reflect the incremental reserve value from the reinstatement of PUD’s which were recorded in 2012 on a promoted basis.  Additionally, the Company increased extension and discoveries by new discoveries by existing Proved Developed Production and improved recoveries in our Wattenberg prospect.
	A variety of methodologies are used to determine our proved reserve estimates. The principal methodologies employed are reservoir simulation, decline curve analysis, volumetric, material balance, advance production type curve matching, petro-physics/log analysis and analogy. Some combination of these methods is used to determine reserve estimates in substantially all of our fields.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies and Estimates (Policies)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies and Estimates [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying financial statements were prepared by Lilis in accordance with generally accepted accounting principles (“GAAP”) in the United States.  The financial statements reflect all normal recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the results of operations and financial position.
Reclassification	'
	Reclassification
	Certain amounts in the 2012 consolidated financial statements have been reclassified to conform to the December 31, 2013 consolidated financial statement presentation.  Such reclassifications had no effect on net loss.
Use of Estimates	'
	Use of Estimates
	The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  We evaluate our estimates on an ongoing basis and base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances.  Although actual results may differ from these estimates under different assumptions or conditions, we believe that our estimates are reasonable.
	Our most significant financial estimates are associated with our estimated proved oil and gas reserves, assessments of impairment imbedded in the carrying value of undeveloped acreage and proven properties, as well as valuation of common stock used in various issuances of common stock, options and warrants, and estimated derivative liabilities.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks and highly liquid debt securities which have original maturities of 90 days or less at the purchase date.
Restricted Cash	'
	Restricted Cash
	Restricted cash consists of severance and ad valorem tax proceeds which are payable to various tax authorities.    As of December 31, 2013 and 2012, the restricted cash balance was $0.50 million and $0.67 million, respectively.
Accounts Receivable	'
	Accounts Receivable
	The Company records actual and estimated oil and gas revenue receivable from third parties at its net revenue interest. The Company also reflects costs incurred on behalf of joint interest partners in accounts receivable.  Management periodically reviews accounts receivable amounts for collectability and records its allowance for uncollectible receivables under the specific identification method.  The Company recorded an allowance for uncollectible receivables of $50,000 as of December 31, 2013 and 2012.  Allowance for doubtful accounts are based primarily on joint interest billings for expenses related to oil and natural gas wells.  Receivables which derive from sales of certain oil and gas production are collateral for our Loan Agreements. (See Note 7-Fair Value of Financial Instruments.)
	During the year ended December 31, 2013, the Company did not write off any accounts receivable.  During the year ended December 31, 2012, the Company wrote off accounts receivable for $0.03 million as bad debt expense.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	The Company's cash, cash equivalents and short-term investments are invested at major financial institutions primarily within the United States.  At December 31, 2013 and 2012, the Company’s cash and cash equivalents were maintained in accounts that are insured up to the limit determined by the federal governmental agency.  The Company may at times have balances in excess of the federally insured limits.
	The Company's receivables are comprised of oil and gas revenue receivables and joint interest billings receivable. The amounts are due from a limited number of entities.  Therefore, the collectability is dependent upon the general economic conditions and financial health of a small number purchasers and joint interest owners.  The receivables are not collateralized.  However, to date the Company has had minimal bad debts.  As of December 31, 2013, the Company recorded an allowance for doubtful accounts of $50,000.
Significant Customers	'
	Significant Customers
	During the year ended December 31, 2013 and 2012, the Company had one customer, Shell Trading (US), which accounted for approximately 83 percent and 67 percent, respectively, of our revenues.
	However, the Company does not believe that the loss of a single purchaser, including Shell Trading (US), would materially affect the Company's business because there are numerous other purchasers in the area in which the Company sells its production.
Reserves	'
	Reserves
	All of the reserves data included herein are estimates.  Estimates of our crude oil and natural gas reserves are prepared in accordance with guidelines established by the SEC, including rule revisions designed to modernize the oil and gas company reserves reporting requirements, which we implemented effective December 31, 2010.  Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and natural gas reserves. Uncertainties include the projection of future production rates and the expected timing of development expenditures.  The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment.  As a result, reserves estimates may be different from the quantities of crude oil and natural gas that are ultimately recovered. In addition, economic producibility of reserves is dependent on the oil and gas prices used in the reserves estimate. Our reserves estimates are based on 12-month average commodity prices, unless contractual arrangements otherwise designate the price to be used, in accordance with SEC rules.  However, oil and gas prices are volatile and, as a result, our reserves estimates will change in the future.
	Estimates of proved crude oil and natural gas reserves significantly affect our depreciation, depletion, and amortization “DD&A” expense.  For example, if estimates of proved reserves decline, the DD&A rate will increase, resulting in a decrease in net income.  A decline in estimates of proved reserves could also result in an impairment charge, which would reduce earnings.
Oil and Gas Producing Activities	'
	Oil and Gas Producing Activities
	The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized.  Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities.  Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs.  A significant alteration would typically involve a sale of 25% or more of proved reserves.
	Depletion of exploration and development costs and depreciation of wells and tangible production assets is computed using the units-of-production method based upon estimated proved oil and gas reserves.  Costs included in the depletion base to be amortized include (a) all proved capitalized costs including capitalized asset retirement costs net of estimated salvage values, less accumulated depletion, (b) estimated future development cost to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs.
	The costs of undeveloped acreage are withheld from the depletion base until it is determined whether or not proved reserves can be assigned to the properties.   When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties or the amount of the impairment is added to full cost pool which is subject to depletion calculations.
	Under the full cost method of accounting, capitalized oil and gas property costs less accumulated depletion and net of deferred income taxes may not exceed an amount equal to sum of i.) the present value, discounted at 10%, of estimated future net revenues from proved oil and gas reserves, plus ii.) the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are not subject to amortization.  Should capitalized costs exceed this ceiling, an impairment expense is recognized.
	The present value of estimated future net cash flows was computed by applying: a flat oil price to forecast  revenues from estimated future production of proved oil and gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes.
	The Company recognized impairment expense of $0 and $26.66 million for the years ended December 31, 2013 and 2012, respectively.
	Effective as of December 31, 2013, the Company completed an assessment of impairment related to its inventory of undeveloped acreage, which resulted in a reduction of the carrying value in the amount of $9.58 million. This impairment was recognized by a transfer of the impairment value from undeveloped acreage to developed properties. In assessing impairment, the Company analyzed all of its undeveloped acreage with expiration dates during the years ended December 31, 2014 and 2015, and that are not otherwise renewable, and impaired such acreage in the amount of $6.38 million. In addition to impairment related to near and intermediate term expirations, the Company assessed carrying value of its remaining acreage, and concluded that an additional impairment of $3.20 million was necessary. (See Note 4 – Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures.)
Wells in Progress	'
	Wells in Progress
	Wells in progress connotes  wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and gas reserves in commercial quantities.  Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned.  Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations. (See Note 5 – Wells in Progress.)
	During the year ended December 31, 2013, the Company evaluated the wells in progress activity and transferred $0.18 million to evaluated properties for projects that were either completed or are no longer being evaluated.
	As of December 31, 2013, the Company has $1.15 million in wells in progress compared to $0.19 million in wells in progress as of December 31, 2012. (See Note 5 – Wells in Progress.)
Deferred Financing Costs	'
	Deferred Financing Costs
	As of December 31, 2013 and December 31, 2012, the Company recorded unamortized deferred financing costs of approximately $0.03 million and $0.97 million, respectively, related to the closing of its loans and credit agreements. Deferred financing costs include origination (warrants issued and overriding royalty interests assigned to Hexagon), legal and engineering fees incurred in connection with the Company's credit facility, which are being amortized over the term of the credit facility. The Company recorded amortization expense of approximately $0.71 million and $1.60 million, respectively, in the years ended December 31, 2013 and December 31, 2012. (See Note 8-Loan Agreements.)
Property and Equipment	'
	Property and Equipment
	Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from one to seven years. The Company recorded $0.03 million and $0.02 million of depreciation for the years ended December 31, 2013 and December 31, 2012, respectively.
Impairment of Long-lived Assets	'
	Impairment of Long-lived Assets
	The Company accounts for long-lived assets (other than oil and gas properties) at cost. Other long-lived assets include property and equipment, prepaid advisory fees, and identifiable intangible assets with finite useful lives (subject to amortization, depletion, and depreciation). The Company may impair these assets whenever events or changes in circumstances indicate that the carrying amount such assets may not be fully recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
	As of December 31, 2013, no impairment has been recorded for long lived assets. As of December 31, 2012, no impairment was recorded for long lived assets other than the impairment of capitalized oil and gas property costs during December 31, 2013 and 2012 as discussed in undeveloped acreage and wells in progress. (See Note 4 – Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures.)
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	As of December 31, 2013 and 2012, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses, interest payable and customer deposits approximates fair value due to the short-term nature of such items.  The carrying value of the Company’s secured debt is carried at cost as the related interest rate, approximates rates currently available to the Company.  Certain other assets and liabilities are measured at fair value. (See Note 7-Fair Value of Financial Instruments.)
Commodity Derivative Instrument	'
	Commodity Derivative Instrument
	The Company utilizes swaps to reduce the effect of price changes on a portion of our future oil production. On a monthly basis, a swap requires us to pay the counterparty if the settlement price exceeds the strike price and the same counterparty is required to pay us if the settlement price is less than the strike price.  The objective of the Company's use of derivative financial instruments is to achieve more predictable cash flows in an environment of volatile oil and gas prices and to manage its exposure to commodity price risk. While the use of these derivative instruments limits the downside risk of adverse price movements, such use may also limit the Company's ability to benefit from favorable price movements. The Company may, from time to time, add incremental derivative contracts to hedge additional production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of the Company's existing positions. (See Note 6-Derivitvies.)
	The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts. The Company's derivative contracts have typically been arranged with one counterparty.  The Company has netting arrangements with this counterparty that provide for the offset of payables against receivables from separate derivative arrangements with the counterparty in the event of contract termination. The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement.  The Company periodically enters into various commodity derivative financial instruments intended to hedge against exposure to market fluctuations of oil prices. As of December 31, 2013, the Company maintained an active commodity swap for 100 barrels of oil per day through January 31, 2014 at a price of $99.25 per barrel. (See Note 6-Derivative.)
Revenue Recognition	'
	Revenue Recognition
	We record revenues from the sales of crude oil, natural gas and natural gas liquids when the product is delivered at a fixed or determinable price, title has transferred and collectability is reasonably assured.
Asset Retirement Obligation	'
	Asset Retirement Obligation
	The Company incurs retirement obligations for certain assets at the time they are placed in service.  The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated.  Over time, the liabilities are accreted for the change in their present value. (See Note 7-Fair Value of Financial Instruments.)
	For purposes of depletion calculations, the Company also includes estimated dismantlement and abandonment costs, net of salvage values, associated with future development activities that have not yet been capitalized as asset retirement obligations.
	Asset retirement obligations incurred are classified as Level 3 (unobservable inputs) fair value measurements.  The asset retirement liability is allocated to operating expense using a systematic and rational method.  As of December 31, 2013 and 2012, the Company recorded a related liability of $1.11 million and $0.91 million. (See Note 7-Fair Value of Financial Instruments.)
	The information below reconciles the value of the asset retirement obligation for the periods presented (in thousands):
		For the years ended
		December 31,
		2013		2012
	Balance, beginning of period	$	912	$	613
	Liabilities incurred		66		198
	Accretion expense		91		101
	Change in estimate		36		-
	Balance, end of period	$	1,105	$	912
Share Based Compensation	'
	Share Based Compensation
	The Company measures the fair value of share-based compensation expense awards made to employees and directors, including stock options, restricted stock and employee stock purchases related to employee stock purchase plans, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense ratably over the requisite service periods. The measurement of share-based compensation expense is based on several criteria, including but not limited to the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate and award cancellation rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, Lilis may change the input factors used in determining future share-based compensation expense.
	Lilis accounts for warrant grants to non-employees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the non-employee’s performance is complete or a performance commitment is reached. (See Note 12- Shareholders Equity.)
Warrant Modification Expense	'
	Warrant Modification Expense
	The Company accounts for the modification of warrants as an exchange of the old award for a new award. The incremental value is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before modification, and is either expensed as a period expense or amortized over the performance or vesting date. We estimate the incremental value of each warrant using the Black-Scholes option pricing model. The Black-Scholes model is highly complex and dependent on key estimates by management. The estimate with the greatest degree of subjective judgment is the estimated volatility of our stock price. (See Note 12-Shareholder Equity.)
Loss per Common Share	'
	Loss per Common Share
	Earnings (losses) per share are computed based on the weighted average number of common shares outstanding during the period presented. Diluted earnings (losses) per share are computed using the weighted-average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares.  Potentially dilutive securities, such as conversion derivatives and stock purchase warrants, are excluded from the calculation when their effect would be anti-dilutive.  As of December 31, 2013, a total of 6,773,913 and 3,665,859, respectively, of shares underlying warrants and convertible debentures have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred.  Accordingly, basic shares equal diluted shares for all periods presented.
Income Taxes	'
	Income Taxes
	Prior to December 31, 2011, the Company filed its tax returns on an April 30 fiscal year end. During the year ended December 31, 2012, the Company received approval by the Internal Revenue Service (“IRS”) to move the Company’s tax year end to December 31 from April.
	The Company uses the asset liability method in accounting for income taxes.  Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities, and are measured using the tax rates expected to be in effect when the differences reverse.  Deferred tax assets are also recognized for operating loss and tax credit carry forwards.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date.  A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization.
	We recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities.  The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.  A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards.  As of December 31, 2013 and 2012, the Company has determined that no liability is required to be recognized. (See Note-11 Income Taxes.)
	Our policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. However, we did not accrue interest or penalties at December 31, 2013 and December 31, 2012, because the jurisdiction in which we have unrecognized tax benefits does not currently impose interest on underpayments of tax and we believe that we are below the minimum statutory threshold for imposition of penalties. We do not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months. The earliest years remaining subject to examination are December 31, 2011, April 30, 2011 and April 30, 2010. (See Note-11 Income Taxes.)
Recent Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	Various accounting standards updates are issued, most of which represented technical corrections to the accounting literature or were applicable to specific industries, are not expected to a have a material impact on the Company's financial position, results of operations or cash flows.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies and Estimates (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies and Estimates [Abstract]	'
Summary of reconciliation of value of asset retirement obligation	'
		For the years ended
		December 31,
		2013		2012
	Balance, beginning of period	$	912	$	613
	Liabilities incurred		66		198
	Accretion expense		91		101
	Change in estimate		36		-
	Balance, end of period	$	1,105	$	912

Oil_and_Gas_Properties_Oil_and1

Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2013
Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures [Abstract]	'
Summary of oil and gas property costs (net of divestitures) not being amortized	'
		As of December 31,
		2013			2012
	Undeveloped acreage
	Beginning Balance	$	28,067		$	45,697
	Acquisitions		368			204
	Transferred to evaluated properties		-			-
	Leased deep rights of undeveloped acreage		-			(1,444	)
	Impairment and other reclassification to evaluated properties		(9,771	)		(16,390	)
	Total undeveloped acreage	$	18,664		$	28,067
	Wells in progress:
	Beginning Balance	$	194		$	6,426
	Additions		1,125			3,824
	Reclassification to evaluated properties		(173	)		(10,056	)
	Total wells in progress	$	1,146		$	194
	Total property not subject to DD&A	$	19,810		$	28,261

Wells_in_Progress_Tables

Wells in Progress (Tables)	12 Months Ended
	Dec. 31, 2013
Wells in Progress [Abstract]	'
Summary of net changes in capitalized additions to wells in progress	'
		As of December 31,
		2013			2012
	Wells in progress:
	Beginning Balance	$	194			$	6,426
	Additions		1,125				3,824
	Reclassification to developed properties		(173	)			(10,056	)
	Total wells in progress	$	1,146			$	194

Derivatives_Tables

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2013
Derivatives [Abstract]	'
Summary of amounts of gains (losses) recognized as a result of derivative financial instruments	'
		For the Year Ended
		December 31,
		2013			2012
	Realized gain (loss) on oil price hedges	$	(17	)	$	780
	Unrealized gain oil price hedges	$	2		$	-

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value of Financial Instruments [Abstract]	'
Summary of fair value of assets and liabilities measured at fair value	'
	December 31, 2013:
		Level 1			Level 2		Level 3			Total
	Assets
	Commodity derivative instruments	$	-		$	7	$	-		$	7
	Total assets, at fair value	$	-		$	7	$	-		$	7
	Liability
	Executive employment agreement	$	-		$	-	$	(145	)	$	(145	)
	Convertible debentures conversion derivative liability	$	-		$	-	$	(1,150	)	$	(1,150	)
	Total liability, at fair value	$	-		$	-	$	(1,295	)	$	(1,295	)
	December 31, 2012:
		Level 1			Level 2		Level 3			Total
	Liability
	Commodity derivative instruments	$	-		$	-	$	-		$	-
	Convertible debentures conversion derivative liability		-			-		(1,680	)		(1,680	)
	Total liability at fair value	$	-		$	-	$	(1,680	)	$	(1,680	)
Summary of changes in fair value of Level 3 financial assets and liabilities	'
	Beginning balance, December 31, 2012	$	(1,680	)
	Executive employment agreement liability		(145	)
	Convertible debentures conversion derivative gain		730
	Additions to derivative liability from Supplemental Debenture		(200	)
	Ending balance, December 31, 2013	$	(1,295	)

Loan_Agreements_Tables

Loan Agreements (Tables)	12 Months Ended
	Dec. 31, 2013
Loan Agreements [Abstract]	'
Summary of convertible debt	'
		As of			As of
		December 31,			December 31,
		2013			2012
	Convertible debentures	$	15,580		$	13,400
	Debt discount		(993	)		(3,100	)
	Total convertible debentures, net	$	14,587		$	10,300
Schedule of notes payable	'
		As of
		December 31,
		2013
	Total Term Notes	$	18,774
	Short term notes payable		(10,663	)
	Long term notes payable	$	8,111
Summary of annual debt maturities	'
	Year 1	$	10,663
	Year 2		23,691
	Thereafter		-
	Total	$	34,354

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
Summary of deferred tax assets	'
		December 31,
		2013			2012
	Deferred tax assets:
	Oil and gas properties and equipment	$	7,924,585		$	8,496,988
	Net operating loss carry-forward		17,373,276			14,910,936
	Share based compensation		4,369,953			3,885,974
	Abandonment obligation		404,394			238,864
	Derivative instruments		2,445			173,826
	Other		3,660			(48,909	)
	Total deferred tax asset		30,078,313			27,657,679
	Valuation allowance		(30,078,313	)		(27,657,679	)
	Net deferred tax asset	$	-		$	-
Reconciliation of Company's effective tax rate to the expected federal tax rate	'
		For the Year Ended
		December 31,
		2013			2012
	Effective federal tax rate		35	%		35	%
	Effect of permanent differences		-6.38	%		-4.43	%
	State tax rate	1.6	%		1.64	%
	Change in rate		-	%		-	%
	Other		-5.31	%		-	%
	Valuation allowance		24.91	%		32.21	%
	Net		-	%		-	%

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Shareholder's Equity [Abstract]	'
Summary of warrant activity	'
		Warrants			Weighted-Average
					Exercise Price
	Outstanding at December 31, 2012		5,638,900		$	7.04
	Granted		1,216,263			4.25
	Exercised, forfeited, or expired		(81,250	)		(6.00	)
	Outstanding at December 31, 2013		6,773,913		$	5.24

Share_Based_and_Other_Compensa1

Share Based and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of stock options activity	'
		Stock
		Options
	Outstanding at December 31, 2012		-
	Granted		3,800,000
	Exercised, forfeited, or expired		-
	Outstanding at December 31, 2013		3,800,000
Summary of restricted stock grant activity	'
		Shares
	Balance outstanding at December 31, 2012		1,730,710
	Granted		596,215
	Vested		(196,008	)
	Expired/ cancelled		(106,542	)
	Balance outstanding at December 31, 2013		2,024,375

Supplemental_Oil_and_Gas_Reser1

Supplemental Oil and Gas Reserve Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Wells in Progress [Abstract]	'
Summary of proved developed and undeveloped reserves	'
			Crude Oil			Natural Gas
			(Bbls)			(Mcf)
	December 31, 2011			608,237			148,077
	Purchase of reserves			39,327			-
	Revisions of previous estimates			(310,919	)		25,813
	Extensions, discoveries			99,615			313,958
	Sale of reserves			-			-
	Production			(85,160	)		(80,438	)
	December 31, 2012			351,100			407,410
	Purchase of reserves			7,825			-
	Revisions of previous estimates			512,023			2,238,788
	Extensions, discoveries			36,325			-
	Sale of reserves			(12,848	)		(17,076	)
	Production			(51,706	)		(64,845	)
	December 31, 2013			842,719			2,564,277
	Proved Developed Reserves, included above:
	Balance, December 31, 2011			215,693			148,077
	Balance, December 31, 2012			213,306			186,017
	Balance, December 31, 2013			170,531			313,358
	Proved Undeveloped Reserves, included above:
	Balance, December 31, 2011			392,545			-
	Balance, December 31, 2012			137,555			221,314
	Balance, December 31, 2013 (2)			672,188			2,250,920
Summary of future net cash flows relating to proved oil and gas	'
			For the Year Ended
			December 31,
			(in thousands)
			2013			2012
	Future oil and gas sales		$	86,521		$	32,612
	Future production costs			(22,095	)		(9,718	)
	Future development costs			(21,980	)		(546	)
	Future income tax expense (1)			-			-
	Future net cash flows			42,446			22,348
	10% annual discount			(19,104	)		(6,926	)
	Standardized measure of discounted future net cash flows (2)		$	23,342		$	15,422
Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows	'
			2013			2012
	Balance at beginning of period		$	15,422		$	20,014
	Sales of oil and gas, net			(3,172	)		(4,656	)
	Net change in prices and production costs			(879	)		(1,724	)
	Net change in future development costs (2)			(20,311	)		7,766
	Extensions and discoveries (2)			686			3,916
	Acquisition of reserves			202			1,677
	Sale of reserves			(643	)		-
	Revisions of previous quantity estimates (2)			30,968			(15,031	)
	Previously estimated development costs incurred			-			638
	Net change in income taxes			-			-
	Accretion of discount			1,864			2,001
	Other			(795	)		821
	Balance at end of period		$	23,342		$	15,422
	-1	Our calculations of the standardized measure of discounted future net cash flows include the effect of estimated future income tax expenses for all years reported. We expect that all of our Net Operating Loss’ (“NOL”) will be realized within future carry forward periods. All of the Company's operations, and resulting NOLs, are attributable to our oil and gas assets. There were no taxes in any year as the tax basis and NOLs exceeded the future net revenue
	-2	Total proven reserves as of December 31, 2013 are $23.34 million compared to reserves of $15.42 million for the year ended December 31, 2012, an increase of $7.92 million or 51%. This increase in standardized measure reflects an increase in proved undeveloped reserves to 1,047 MBOE in 2013 from 175 MBOE in 2012, an increase of 872 MBOE. This increase, in part, reflects the uncertainty in 2012 regarding whether the Company would have sufficient capital to support its current development plan. Proved undeveloped reserves in 2012 were estimated under the assumption that certain farm-outs and joint venture arrangements were required in order to finance development of such reserves. This assumption lowered both the reserve values and capital requirements. This assumption was removed in the preparation of the Company’s 2013 reserve estimates due to the Company’s improving financial health. Proved undeveloped reserves also increased as a result of a change in the development plan for one of the Company’s major properties. The development plan was modified from a vertical to a horizontal program due principally to recent development activities in adjacent and nearby drilling units, resulting in significant increases in units attributable to revisions of previous estimates.

Organization_Details

Organization (Details)	Dec. 31, 2013
	acre
Organization (Textual)	'
Area of land for crude oil and natural gas (In acres)	112,000

Liquidity_Details

Liquidity (Details) (USD $)

1 Months Ended

12 Months Ended

4 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Feb. 28, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Apr. 30, 2010

Dec. 31, 2013

Jan. 22, 2014

Jun. 06, 2014

Jan. 22, 2014

Jun. 06, 2014

19-May-14

Mar. 31, 2014

30-May-14

Jan. 31, 2014

19-May-14

30-May-14

Hexagon, LLC [Member]

Hexagon Settlement Agreement [Member]

8% Senior Secured Convertible Debentures [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Tr Winston [Member]

Officers and Directors [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Conversion Agreement [Member]

Hexagon Replacement Note [Member]

8% Convertible Preferred Stock Agreement [Member]

Term_loans

Payment

Liquidity (Textual)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from private placement

$8,400,000

'

'

'

'

'

$5,918,250

'

$1,425,000

'

'

'

'

'

'

'

Term of warrants

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

Debenture outstanding

'

'

13,400,000

'

'

15,580,000

'

'

'

'

'

'

'

'

'

'

Term loan outstanding

'

'

'

18,770,000

'

'

'

'

'

'

18,770,000

'

'

'

'

'

Term loans and Debentures maturity date

'

16-May-14

'

'

1-Dec-10

'

'

'

'

15-Jan-15

15-Aug-14

'

'

'

'

'

Conversion of debt, Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

'

'

Conversion price

'

$4.25

'

'

'

'

'

'

'

'

'

'

'

$2

'

'

Repayment of debt

'

561,975

1,944,323

'

'

'

'

'

'

'

'

'

90,000

'

'

'

Number of term loans

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Term of note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

Number cash payments

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

Repayments of unsecured debt

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

'

Debt interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

8.00%

Unsecured note issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000,000

'

Unregistered shares of common stock issued

'

'

'

'

'

'

'

'

'

'

'

'

943,208

'

'

'

Proceeds from preferred stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,500,000

conversion of preferred stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'50

Purchase of additional preferred stock

'

'

'

'

'

'

'

$15,000,000

'

'

'

'

'

'

'

'

Maturity period of purchase transaction

'

'

'

'

'

'

'

'90 days

'

'

'

'

'

'

'

'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies and Estimates (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Summary of reconciliation of the value of asset retirement obligation	'	'
Balance, beginning of period	$912	$613
Liabilities incurred	66	198
Accretion expense	91	101
Change in estimate	36	'
Balance, end of period	$1,105	$912

Summary_of_Significant_Account4

Summary of Significant Accounting Policies and Estimates (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	bbl
	Barrel
Summary of Significant Accounting Policies and Estimate (Textual)	'	'
Restricted cash	$504,623	$671,382
Allowance for uncollected receivable	50,000	50,000
Write off of note receivables	30,000	'
Percentage of revenue sold to Shell Trading (US)	83.00%	67.00%
Percentage of sale of proved reserves	'25% or more.	'
Percentage of discounted estimated future net revenues	10.00%	'
Impairment Expense	0	26,660,000
Cost transfer well in progress to full cost pool	180,000	'
Wells in progress	1,145,794	193,515
Impairment of undeveloped property	6,380,000	'
Unamortized deferred financing costs	30,000	970,000
Amortization expense	710,000	1,600,000
Property and equipment estimated useful life	'One to 7 years	'
Depreciation	30,000	20,000
Impairment of long-lived assets	0	0
Quantity of commodity swap oil per day, barrels	100	'
Commodity swap strike price, per barrel	99.25	'
Shares underlying warrants excluded from the diluted share calculations	6,773,913	'
Derivative shares related to convertible notes payable excluded from the diluted share calculations	3,665,859	'
Deferred Tax liability	0	0
Reduction in carrying value	9,580,000	'
Additional impairment of properties	3,200,000	'
Asset retirement obligation	$1,104,952	$911,546

Oil_and_Gas_Properties_Oil_and2

Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Undeveloped acreage	'	'
Beginning Balance	$28,067	$45,697
Acquisitions	368	204
Transferred to evaluated properties	'	'
Leased deep rights of undeveloped acreage	'	-1,444
Impairment and other reclassification to evaluated properties	-9,771	-16,390
Total undeveloped acreage	18,664	28,067
Wells in progress:	'	'
Beginning balance	194	6,426
Additions	1,125	3,824
Reclassification to evaluated properties	-173	-10,056
Total wells in progress	1,146	194
Total property not subject to DD&A	$19,810	$28,261

Oil_and_Gas_Properties_Oil_and3

Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures (Details Textual) (USD $)	1 Months Ended				12 Months Ended
	Jun. 30, 2013	Feb. 28, 2013	Apr. 30, 2012	Feb. 29, 2012	Dec. 31, 2013	Dec. 31, 2012
						acre
Oil and Gas Properties and Oil and Gas Properties Acquisitions and Divestitures (Textual)	'	'	'	'	'	'
Proceed from sale of business	'	'	'	$4,540,000	'	'
Drilling and completion cost of wells	'	'	4,800,000	'	'	'
Amount of drilling, completion and allocable lease costs of uncompleted wells	'	'	10,060,000	'	'	'
Impairment of evaluated oil and gas properties	'	640,000	3,270,000	'	'	26,658,707
Undeveloped acreage expiration date	'	'	'	'	31-Dec-15	'
Impairment charges of undeveloped acreage transferred to developed properties	'	'	'	'	6,120,000	23,390,000
Reduction of production reserve	'	'	'	'	25.00%	'
Impairment Expense	'	'	'	'	0	26,660,000
Undeveloped oil and gas acreage interest purchased	430,000	'	'	'	200,000	'
Amount of underdeveloped acreage transfer to developed properties	300,000	'	'	'	5,940,000	'
Proceeds from lease of deep rights	'	'	'	'	'	1,500
Area of deep rights leased out (in acre)	'	'	'	'	'	6,300
Undeveloped acreage leasehold period	'	'	'	'	'	'4 years
Principal payment of long term debt out of lease proceeds	'	'	'	'	'	750
Proceeds from sale of oil and gas properties	'	640,000	'	'	'	'
Percentage of working interest purchased	50.00%	'	'	'	'	'
Additions to well equipment and intangible equipment	'	'	'	'	130,000	'
Working interest purchased, value	'	'	'	'	600,000	'
Carrying costs transferred from unevaluated leaseholds to evaluated leaseholds	'	'	'	'	3,200	'
Depreciation, depletion and amortization expenses	'	'	'	'	$2,390,000	$4,550,000

Wells_in_Progress_Details

Wells in Progress (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Wells in progress:	'	'
Beginning balance	$194	$6,426
Additions	1,125	3,824
Reclassification to developed properties	-173	-10,056
Total wells in progress	$1,146	$194

Wells_in_Progress_Details_Text

Wells in Progress (Details Textual) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Apr. 30, 2012
Wells in Progress (Textual)	'	'	'
Amount of drilling, completion and allocable lease costs of uncompleted wells	'	'	$10.06
Amount funded for drilling well	1.07	'	'
Evaluation of wells in progress, amount transferred to evaluated properties	'	$0.18	'

Derivatives_Details

Derivatives (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Summary of amounts of gains (losses) recognized as a result of derivative financial instruments	'	'
Realized gain (loss) on oil price hedges	($17)	$780
Unrealized gain oil price hedges	$2	'

Derivatives_Details_Textual

Derivatives (Details Textual)	12 Months Ended
	Dec. 31, 2013
	Barrel
	bbl
Financial Instruments and Derivatives (Textual)	'
Quantity of commodity swap oil per day, barrels	100
Commodity swap strike price, per barrel	99.25

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Commodity derivative instruments	$7	'
Total assets, at fair value	7	'
Liability	'	'
Executive employment agreement	-145	'
Commodity derivative instruments	'	'
Convertible debentures conversion derivative liability	-1,150	-1,680
Total liability at fair value	-1,295	-1,680
Level 1 [Member]	'	'
Assets	'	'
Commodity derivative instruments	'	'
Total assets, at fair value	'	'
Liability	'	'
Executive employment agreement	'	'
Commodity derivative instruments	'	'
Convertible debentures conversion derivative liability	'	'
Total liability at fair value	'	'
Level 2 [Member]	'	'
Assets	'	'
Commodity derivative instruments	7	'
Total assets, at fair value	7	'
Liability	'	'
Executive employment agreement	'	'
Commodity derivative instruments	'	'
Convertible debentures conversion derivative liability	'	'
Total liability at fair value	'	'
Level 3 [Member]	'	'
Assets	'	'
Commodity derivative instruments	'	'
Total assets, at fair value	'	'
Liability	'	'
Executive employment agreement	-145	'
Commodity derivative instruments	'	'
Convertible debentures conversion derivative liability	-1,150	-1,680
Total liability at fair value	($1,295)	($1,680)

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Summary of changes in fair value of Level 3 financial assets and liabilities	'
Beginning balance, December 31, 2012	($1,680)
Executive employment agreement liability	-145
Convertible debentures conversion derivative gain	730
Additions to derivative liability from Supplemental Debenture	-200
Ending balance, December 31, 2013	($1,295)

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments (Details Textual) (USD $)	1 Months Ended
	Feb. 28, 2011	Dec. 31, 2013	Dec. 31, 2012
Fair Value of Financial Instruments (Textual)	'	'	'
Interest rate on term loan	'	10.00%	'
Convertible debenture interest percentage	8.00%	8.00%	'
Convertible debentures issued through private placement	$8,400,000	'	'
Maturity period of senior secured convertible debentures	'3 years	'	'
Additional convertible debentures issued	'	2,200,000	5,000,000
Debentures outstanding, total	'	'	13,400,000
Debentures, convertible, conversion price (per share)	'	$4.25	'
Executive employment agreement liability	'	($145,000)	'

Loan_Agreements_Details

Loan Agreements (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Summary of convertible debt	'	'	'
Convertible debentures	$15,580	'	$13,400
Debt discount	-993	-160	-3,100
Total convertible debentures, net	$14,587	'	$10,300

Loan_Agreements_Details_1

Loan Agreements (Details 1) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Loan Agreements [Abstract]	'	'
Total Term Notes	$18,774,000	$2,000,000
Short term notes payable	-10,662,904	-388,351
Long term notes payable	$8,111,436	$18,947,963

Loan_Agreements_Details_2

Loan Agreements (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Summary of annual debt maturities	'
Year 1	$10,663
Year 2	23,691
Thereafter	'
Total	$34,354

Loan_Agreements_Details_Textua

Loan Agreements (Details Textual) (USD $)

0 Months Ended

1 Months Ended

2 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

4 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

Nov. 08, 2013

Sep. 08, 2012

Oct. 31, 2013

Jun. 30, 2013

Apr. 30, 2013

Nov. 30, 2012

Aug. 31, 2012

Jul. 31, 2012

Mar. 31, 2012

Feb. 28, 2011

Sep. 30, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 14, 2010

Mar. 25, 2010

Jan. 29, 2010

Apr. 30, 2014

Jan. 22, 2014

Apr. 30, 2010

Jun. 06, 2014

19-May-14

30-May-14

Jun. 30, 2013

19-May-14

Jun. 30, 2014

Dec. 31, 2013

19-May-14

30-May-14

Jan. 31, 2014

Dec. 31, 2011

Dec. 31, 2011

Well

Subsequent Event [Member]

Subsequent Event [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Replacement Note [Member]

Hexagon Replacement Note [Member]

8% Convertible Preferred Stock Agreement [Member]

Conversion Agreement [Member]

Maximum [Member]

Minimum [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

First Cash Payment [Member]

Second Cash Payment [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

TradingDays

Subsequent Event [Member]

Subsequent Event [Member]

Loan Agreements (Textual)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sale of preferred stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7,500,000

'

'

'

General and administrative

'

'

'

'

'

'

'

'

'

'

'

'

4,965,279

4,331,328

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term of warrants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Term loan outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,770,000

'

'

'

'

'

'

'

'

'

'

Conversion of common stock, Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

'

'

Unsecured note issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000,000

'

'

'

'

Repayments of unsecured debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

Repayment of debt

'

'

'

'

'

'

'

'

'

'

'

'

561,975

1,944,323

'

'

'

'

'

'

'

'

'

90,000

'

5,000,000

5,000,000

'

'

'

'

'

'

Unregistered shares of common stock issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

943,208

'

'

'

'

'

'

'

'

'

Annual interest rate on loan (in percentage)

'

'

'

'

15.00%

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturity date of loan

'

'

'

'

'

'

'

'

'

'

'

'

16-May-14

'

'

'

'

'

'

'

1-Dec-10

15-Jan-15

15-Aug-14

'

'

'

'

'

'

'

'

'

'

Short term notes payable

'

'

'

'

'

'

'

'

'

'

'

'

10,662,904

388,351

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of loan agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000,000

6,000,000

4,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants exercise price, per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2.50

'

'

Aggregate additional debentures to be issued as per agreement

'

'

'

'

5,000,000

'

'

'

'

'

'

'

430,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional debentures to be issued

'

'

'

'

'

'

'

'

'

'

'

'

2,210,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional warrants common stock, shares issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

Suspension period for requirement to remit monthly net revenues

'

'

'

'

'

'

'

'

'

'

'

'5 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal and interest payments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90,000

'

'

'

'

Extended maturity date of loan agreements

'

'

'

'

16-May-14

31-Dec-13

'

30-Sep-13

30-Jun-13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of interest and loan payment

'

'

'

'

'In April 2013, Hexagon agreed to amend all three loan agreements to extended the maturity date to May 16, 2014, reduce the annualized interest rate to 10% from 15% beginning retroactively with March 2013, decrease our minimum monthly payment under the term loans to $0.23 and allow us to make interest-only payments for March, April, May, and June. In consideration for the extended maturity date, reduced interest rate, and reduced minimum loan payment, we provided Hexagon an additional security interest in 15,000 acres of our undeveloped acreage.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior Secured Convertible Debentures, interest rate, stated percentage

'

'

'

'

'

'

'

'

'

8.00%

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

Proceeds from private placement

'

'

'

'

'

'

'

'

'

8,400,000

'

'

'

'

'

'

'

'

'

5,918,250

'

'

'

'

'

'

'

'

'

'

'

'

'

Debentures, convertible, conversion price (per share)

'

'

'

'

'

'

'

'

'

'

'

'

$4.25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2

$9.40

$4.25

Description of interest payment on debentures other than cash

'

'

'

'

'

'

'

'

'

'

'

'

'Interest at an annualized rate of 8% is payable quarterly on each May 15, August 15, November 15 and February 15 in cash or, at the Company's option, in shares of common stock, valued at 95% of the volume weighted average price of the common stock for the 10 trading days prior to an interest payment date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of redemption price of debenture

'

'

'

'

'

'

'

'

'

'

'

'

'115% of principal plus accrued interest.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of remaining interest of the original issue date

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount received by placement agent

'

'

'

'

'

'

'

'

'

40,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of gross sales received by placement agent

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional supplemental debenture offering to secure funding

'

'

'

'

'

'

1,960,000

'

5,000,000

'

'

'

2,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proportionately reduced net profits interest rate

'

'

'

15.00%

'

'

15.00%

'

5.00%

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increased in the carried working interest of supplemental debenture agreements due to drilled of four properties, minimum

'

'

'

10.00%

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increased in the carried working interest of supplemental debenture agreements due to drilled of four properties, maximum

'

'

'

15.00%

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Supplemental debentures period

'

'

'

'1 year

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of deferred financing costs into interest expense under private placement

'

'

'

'

'

'

'

'

'

'

50,000

'

10,000

'

'

'

'

'

30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of deferred financing costs to be amortized

'

'

'

'

'

'

'

'

'

40,000

180,000

'

30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization Expenses

'

'

'

'

'

'

'

'

'

'

'

'

10,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of amortization period of deferred financing cost

'

'

'

'

'

'

'

'

'

'

'

'

'Through May 2014.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debentures interest rate, Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

8.00%

'

'

'

Additional increase in the convertible debenture under supplemental debenture agreements

2,200,000

'

'

'

'

'

'

3,040,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible debentures issued through private placement

'

'

'

'

'

'

'

'

'

8,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of wells are in progress

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of wells resulted in commercial production

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of wells plugged and abandoned from production

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment of issuance debenture

'

'

'

'

'

'

'

3,690,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt discount

'

'

'

160,000

'

'

'

'

'

'

'

'

993,000

3,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt discount associated with supplement debentures amortized over remaining life of debentures

'

'

'

'

'

'

'

'

'

'

'

'

700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated derivative liability

'

'

'

'

'

'

'

'

'

'

'

'

1,150,000

1,680,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortized debt discount

'

'

500,000

'

'

'

'

'

'

'

'

'

2,410,000

2,360,000

1,520,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued by company acting as placement agent of supplemental debentures

'

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of Shares issued by company to T.R. Winston & Company LLC for acting as placement agent of supplemental debentures

'

230,000

'

'

'

'

'

'

'

'

'

'

40,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of deferred financing costs into interest expense

'

230,000

'

'

'

'

'

'

'

'

'

'

130,000

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense incurred

'

'

'

'

'

'

'

'

'

'

'

'

6,410,000

8,060,000

8,220,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-cash interest expense and amortization of the deferred financing costs

'

'

'

'

'

'

'

'

'

'

'

'

4,040,000

4,850,000

5,020,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total payment on the notes

'

'

'

'

'

'

'

'

'

'

'

'

18,774,000

2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt conversion additional amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,600,000

'

'

Average trading volume per day

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

Number of trading days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies (Textual)	'	'
Term of operating lease	'1 year	'
Operating leases, rent expense	$0.09	$0.09
Minimum lease payments due on December 31, 2014	$0.12	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

5 Months Ended

12 Months Ended

29 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Sep. 08, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 15, 2012

Dec. 31, 2013

Dec. 31, 2012

Jul. 16, 2013

Apr. 16, 2013

Apr. 15, 2013

Nov. 30, 2013

Sep. 30, 2013

Oct. 30, 2013

Dec. 31, 2013

Jun. 30, 2013

Sep. 08, 2012

Sep. 30, 2013

10-May-13

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Apr. 15, 2013

Dec. 31, 2013

Debenture Offerings [Member]

Mr Parker [Member]

Mr Parker [Member]

Mr Parker [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

T R Winston Company LLC [Member]

Hexagon [Member]

Hexagon [Member]

Directors And Officers [Member]

Banking Agreement [Member]

Banking Agreement [Member]

Banking Agreement [Member]

Banking Agreement [Member]

Banking Agreement [Member]

Warrant [Member]

Debenture Offerings [Member]

Private Offering [Member]

Debenture Conversion Agreement [Member]

Related Party Transactions (Textual)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related Party Outstanding Receivables

'

'

'

'

'

'

$10,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of amortization period of deferred financing cost

'

'Through May 2014.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested common stock granted

'

'

'

'

1,350,000

1,350,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consulting time per week

'

'

'

'

'No less than 10 hours per week

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase of debentures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,410,000

'

'

'

'

'

'

'

'

Debentures extend maturity dates

'

'

'

'

'

'

'

'

'

'February 8, 2014 to May 16, 2014

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of interest and loan payment

'

'

'

'

'

'

'

'

'

'The Company entered into an amendment of the Debentures to extend their maturity dates from February 8, 2014 to May 16, 2014. In consideration for the extended maturity date, the Company provided the holders of the Debentures an additional security interest in 15,000 acres of its undeveloped acreage.

'

'

'

'

'

'

'

'

'

'

'

'The Company and Hexagon agreed to amend the term loans to extend their maturity dates to May 16, 2014. Pursuant to the amendment, Hexagon agreed to (i) reduce the interest rate under the term loans from 15% to 10% beginning retroactively with March 2013, (ii) permit the Company to make interest-only payments for March, April, May, and June 2013, after which time the minimum secured term loan payment became $0.23 million, and (iii) forbear from exercising its rights under the term loan credit agreements for any breach that may have occurred prior to the amendment. In consideration for the extended maturity date, the reduced interest rate and minimum loan payment under the secured term loans, the Company provided Hexagon an additional security interest in 15,000 acres of its undeveloped acreage.

'

Aggregate additional debentures to be issued as per agreement

'

'

'

'

'

'

'

1,500,000

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional debentures to be issued

'

'

'

'

'

'

'

'

'

'

'

'

2,200,000

'

'

'

'

'

'

'

'

'

'

Commission on sale of debentures

'

'

'

'

'

'

'

'

'

'

40,000

'

'

'

'

'

'

'

'

'

'

'

'

Compensation expense

'

1,310,000

1,750,000

'

6,750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consulting expense

'

'

'

'

3,590,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reduction in general and administrative expenses

'

'

'

'

3,160,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued by company acting as placement agent of supplemental debentures

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000

'

'

'

'

'

'

'

Value of Shares issued by company to T.R. Winston & Company LLC for acting as placement agent of supplemental debentures

230,000

40,000

'

'

'

'

'

'

'

'

'

'

'

'

'

230,000

'

'

'

'

'

'

'

Deferred financing costs to be amortized

'

'

'

'

'

'

'

'

'

'

'

'

'

220,000

'

230,000

'

'

'

'

'

'

'

Amortization of deferred financing costs into interest expense

230,000

130,000

50,000

'

'

'

'

'

'

'

'

'

'

130,000

'

'

'

'

'

'

'

'

'

Shares issued in connection with financing

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

Ownership interest in common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

5.00%

Investment banking agreement, description

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Agreement provided for (i) initial compensation to TR Winston in the amount of 100,000 common shares, and three-year warrants to purchase up to 900,000 shares of the Company's common stock at a strike price of $4.25 per share (the ''Retainer Fee''), (ii) a cash fee equal to 5% of the gross proceeds of any equity financing involving solely the issuance of common stock, or 6% for all other equity issuances, (iii) a cash expense allowance equal to 1% of the gross proceeds of any equity financing, (iv) warrants to purchase common stock equal to either 4% of the shares of common stock issued in connection with an equity offering or 2% of the shares to be issued upon conversion of convertible equity in such offering, (v) 3% of the total gross proceeds of any non-revolving, non-convertible credit facility debt financing, (vi) 1% of the amount initially drawn at closing on any revolving credit line or facility, and (vii) 1% of the issuance price of any credit enhancement instrument, including on an insured or guaranteed basis.

'

'

'

'

'

Gross cash proceeds or drawing availability

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

'

'

Restructuring transactions

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

1,000,000

'

'

'

'

'

'

TR Winston total fees

'

'

'

'

'

'

'

'

'

'

'

'

'

160,000

'

'

'

'

'

'

'

'

'

Fees reinvested into private placement

'

'

'

'

'

'

'

'

'

'

'

'

'

170,000

'

'

'

'

'

'

'

'

'

Retainer fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000

576,570

225,000

'

'

Restricted stock issued for retainer fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

112,500

'

'

Aggregate Investment

'

'

'

$653,970

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income_Taxes_Details

Income Taxes (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:	'	'
Oil and gas properties and equipment	$7,924,585	$8,496,988
Net operating loss carry-forward	17,373,276	14,910,936
Share based compensation	4,369,953	3,885,974
Abandonment obligation	404,394	238,864
Derivative instruments	2,445	173,826
Other	3,660	-48,909
Total deferred tax asset	30,078,313	27,657,679
Valuation allowance	-30,078,313	-27,657,679
Net deferred tax asset	'	'

Income_Taxes_Details_1

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Summary of reconciliation of the Company's effective tax rate to the expected federal tax rate	'	'
Effective federal tax rate	35.00%	35.00%
Effect of permanent differences	-6.38%	-4.43%
State tax rate	1.60%	1.64%
Change in rate	'	'
Other	5.31%	'
Valuation allowance	24.91%	32.21%
Net	'	'

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Taxes (Textual)	'	'
Operating loss carryforwards	$4,747,000,000	$4,070
Expiration period of operating loss carryforward	31-Dec-33	'

Shareholders_Equity_Details

Shareholders' Equity (Details) (Warrant [Member], USD $)	12 Months Ended
	Dec. 31, 2013
Warrant [Member]	'
Summary of warrant activity	'
Outstanding Beginning	5,638,900
Granted	1,216,263
Exercised, forfeited, or expired	-81,250
Outstanding Ending	6,773,913
Weighted Average Exercise Price, Outstanding Beginning	$7.04
Weighted Average Exercise Price, Granted	$4.25
Weighted Average Exercise Price, Exercised, forfeited, or expired	($6)
Weighted Average Exercise Price, Outstanding Ending	$5.24

Shareholders_Equity_Details_Te

Shareholders' Equity (Details Textual) (USD $)	12 Months Ended			1 Months Ended			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	Jan. 31, 2013	Jan. 31, 2013	Jan. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013
				Consulting Agreement [Member]	Consulting Agreement [Member]	Consulting Agreement [Member]	Common Stock [Member]	Common Stock [Member]	T R Winston Company LLC [Member]	Warrant [Member]
					Financial Advisory Firm [Member]	Public Relations Company [Member]				T R Winston Company LLC [Member]
Shareholder's Equity (Textual)	'	'	'	'	'	'	'	'	'	'
Common stock, shares authorized	100,000,000	100,000,000	'	'	'	'	'	'	'	'
Preferred Stock, shares authorized	10,000,000	10,000,000	'	'	'	'	'	'	'	'
Common stock, shares issued	19,671,901	17,436,825	'	'	'	'	'	'	'	'
Common stock, shares outstanding	19,671,901	17,436,825	'	'	'	'	'	'	'	'
Preferred Stock, shares issued	'	'	'	'	'	'	'	'	'	'
Preferred Stock, shares outstanding	'	'	'	'	'	'	'	'	'	'
Shares issued	'	'	'	'	'	'	1,277,499	'	'	'
Common stock issued in connection with interest payment on convertible debt, shares	'	'	'	'	'	'	636,282	278,225	'	'
Common stock issued in connection with interest payment on convertible debt	$1,167,997	$894,091	'	'	'	'	$64	$28	'	'
Common stock issued in connection with Investment Banking Agreement, shares	'	'	'	'	'	'	100,000	'	'	'
Restricted shares issued	'	'	'	'	'	'	596,215	'	'	'
Shares issued as compensation	'	'	'	'	'	'	'	'	'	900,000
Shares issued as compensation value	'	'	'	'	'	'	'	'	'	260,000
Strike Price	'	'	'	'	'	'	'	'	$4.25	'
General and administrative expense as amortization	'	'	'	'	'	'	'	'	250,000	'
Warrants issued	'	'	'	400,000	200,000	200,000	'	'	'	'
Warrants exercise price, per share	'	'	'	$4.25	'	'	'	'	'	'
Warrants issued value	'	'	'	260,000	'	'	'	'	'	'
Expenses recognized on issuance of warrants	'	'	'	260,000	'	'	'	'	'	'
Shares Vesting description	'	'	'	'The shares vested 25% on March 31, 2013 and will vest 25% for each quarter thereafter.	'	'	'	'	'	'
Aggregate intrinsic value of warrants	$0	$0	'	'	'	'	'	'	'	'
Common stock closing price	'	$1.99	$2.32	'	'	'	'	'	'	'
Weighted average remaining contractual life (in years)	'1 year 6 months 22 days	'2 years 6 months 22 days	'	'	'	'	'	'	'	'

Share_Based_and_Other_Compensa2

Share Based and Other Compensation (Details) (Employee Stock Option [Member])	12 Months Ended
	Dec. 31, 2013
Employee Stock Option [Member]	'
Summary of stock options activity	'
Outstanding Beginning	'
Granted	3,800,000
Exercised, forfeited, or expired	'
Outstanding Ending	3,800,000

Share_Based_and_Other_Compensa3

Share Based and Other Compensation (Details 1) (Restricted Stock [Member])	12 Months Ended
	Dec. 31, 2013
Restricted Stock [Member]	'
Summary of restricted stock grant activity	'
Beginning Balance	1,730,710
Granted	-596,215
Vested	-196,008
Expired/ cancelled	-106,542
Ending Balance	2,024,375

Share_Based_and_Other_Compensa4

Share Based and Other Compensation (Details Textual) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Oct. 31, 2013

Oct. 31, 2013

Oct. 31, 2013

Oct. 31, 2013

Apr. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Apr. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Dec. 31, 2013

Nov. 13, 2013

Jun. 27, 2013

Dec. 31, 2013

Nov. 13, 2013

Jun. 27, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Employees [Member]

T R Winston Company LLC [Member]

Mr. Mirman [Member]

Mr. Mirman [Member]

Mr. Mirman [Member]

Mr. Mirman [Member]

Independent Directors [Member]

Independent Directors One [Member]

Independent Directors Two [Member]

Independent Directors Three [Member]

Separation Agreement [Member]

Employment Agreement [Member]

Employment Agreement [Member]

Employment Agreement [Member]

Employment Agreement [Member]

Employment Agreement [Member]

Mirman Agreement [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Stock Option [Member]

Share Price One [Member]

Share Price Two [Member]

Share Price Three [Member]

Chief Financial Officer [Member]

Subsequent Event [Member]

Chief Financial Officer [Member]

Chief Executive Officer [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Employees and Directors [Member]

Employees and Directors [Member]

Subsequent Event [Member]

Share Based and Other Compensation (Textual)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase number of common shares available for grant under the EIP

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,800,000

1,800,000

'

1,800,000

900,000

'

'

'

'

Increase number of common shares available for grant under the EIP for single participant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

1,000,000

'

'

'

'

'

'

Grant of restricted shares to employees, former chief financial officer during the period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-596,215

30,002

596,215

'

Stock options granted to employees

'

'

'

'

'

'

'

'

600,000

200,000

200,000

200,000

93,780

600,000

'

'

300,000

300,000

100,000

'

'

'

'

'

'

'

'

'

3,800,000

Compensation expense

$1,310,000

$1,750,000

'

'

'

'

'

'

'

'

'

'

$150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Employer matching contribution, Percentage

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash contributions to employees plan

'

'

30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares vested

'

'

'

'

'

'

'

'

'

'

'

'

200,000

'

'

'

100,000

100,000

'

'

'

'

'

'

'

'

'

'

'

Number of shares expected to vest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

200,000

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'2 years

'

'

'

'

'

'

'

'

'

'

'

Exercise price

'

'

'

'

'

'

'

'

$2.05

'

'

'

'

$1.60

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining term

'1 year 6 months 22 days

'2 years 6 months 22 days

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of shares granted

'

'

'

'

'

'

'

'

640,000

'

'

'

'

520,000

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

Unrecognized non cash compensation expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Recognized non cash compensation expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

270,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share based compensation shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

93,750

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Strike Price

'

'

'

$4.25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2.45

'

'

'

'

'

'

'

'

'

'

Proceeds from line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

'

'

'

'

'

'

Options granted to purchase shares

'

'

'

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

'

'

'

'

'

'

'

'

'

'

Bonus payment description

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

signing bonus of $100,000 and 100,000 shares of common stock of which 1/3 vest immediately and the balance over three years, subject to certain conditions set forth in the Bell Agreement

Shares exercisable

'

'

'

'

'

666,667

666,667

666,666

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share Price

'

'

'

'

'

$7.50

$10

$12.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options granted to purchase shares, value

'

'

'

'

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

610,000

'

'

'

'

'

'

'

'

'

'

Debt conversion of remaining amount

'

'

'

'

'

'

'

'

'

'

'

'

150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Salaries, Wages and Officers' Compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

240,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Employment term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of equity incentive bonus of continued employment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Mr. Bell will receive an equity incentive bonus consisting of a non-statutory stock option to purchase up to 1,500,000 shares of common stock and a cash incentive bonus of up to $1,000,000, both subject to Mr. Bell's continued employment.

'

'

'

'

'

'

'

'

'

'

'

'

'

Volatility rate

'

'

'

'

'

'

'

'

'

'

'

'

'

63.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Option value of per share

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.87

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional Share Based Compensation (Textual)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation cost, non-vested stock grants

$300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation cost, non-vested stock grants, period for recognition (in years)

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (USD $)

12 Months Ended

0 Months Ended

4 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Jan. 22, 2014

Jun. 06, 2014

Jan. 31, 2014

Apr. 30, 2010

Jun. 06, 2014

19-May-14

30-May-14

19-May-14

Jun. 30, 2014

19-May-14

Apr. 30, 2014

Apr. 30, 2014

30-May-14

Subsequent Event [Member]

T R Winston Company LLC [Member]

Conversion Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Settlement Agreement [Member]

Hexagon Replacement Note [Member]

Employment Agreement [Member]

Separation Agreement [Member]

May Private Placement [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

First Cash Payment [Member]

Second Cash Payment [Member]

Subsequent Event [Member]

Subsequent Event [Member]

W. Phillip Marcum

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

TradingDays

Subsequent Event [Member]

TradingDays

Subsequent Events (Textual)

'

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'

'

Term loan outstanding

'

'

'

'

'

'

'

$18,770,000

'

'

'

'

'

'

'

Conversion of common stock, Amount

'

'

'

'

9,000,000

'

'

'

'

'

'

'

'

'

'

Debt conversion additional amount

'

'

'

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15,600,000

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'

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'

'

'

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'

'

Conversion price

$4.25

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'

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$2

'

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'

'

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Term of note

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'2 years

'

'

'

Unsecured note issued

'

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'

'

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'

'

'

'

'

'

6,000,000

'

'

'

Warrants exercise price, per share

'

'

'

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$2.50

'

'

'

'

'

'

'

'

'

'

Repayment of debt

561,975

1,944,323

'

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90,000

5,000,000

5,000,000

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'

'

Repayments of unsecured debt

'

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5,000,000

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'

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Debentures interest rate, Percentage

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8.00%

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'

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Principal and interest payments

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90,000

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'

'

Issuance of additional shares

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'

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1,000,000

'

'

'

Issuance of additional shares, Value

'

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1,000,000

'

'

'

Debt instrument, Due date

16-May-14

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'

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1-Dec-10

15-Jan-15

15-Aug-14

'

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Issuance of unregistered common stock

'

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943,208

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Sale of preferred stock

'

'

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7,500,000

General and administrative

4,965,279

4,331,328

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'

'

Dividend percentage on common stock

'

'

'

'

'

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'

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'

'

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'

'

8.00%

Term of warrants

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'3 years

Expenses percentage on placement agent

'

'

'

'

'

'

'

'

'

'

'

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'

'

8.00%

Other Expenses

'

'

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'

25,000

Purchase price per share

'

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$2

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'

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'

'

Common stock, par value (In dollars per share)

$0.00

$0.00

$0.00

'

'

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'

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'

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$7.50

Shares trading volume

'

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100,000

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100,000

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'

Trading days

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'

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10

'

'

10

Exercise price minimum

'

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$10

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'

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'

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'

'

Employment term

'

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'3 years

'

'

Bonus payment description

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'

'

signing bonus of $100,000 and 100,000 shares of common stock of which 1/3 vest immediately and the balance over three years, subject to certain conditions set forth in the Bell Agreement

Description of equity incentive bonus of continued employment

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'

'Mr. Bell will receive an equity incentive bonus consisting of a non-statutory stock option to purchase up to 1,500,000 shares of common stock and a cash incentive bonus of up to $1,000,000, both subject to Mr. Bell's continued employment.

'

'

Salaries, Wages and Officers' Compensation

'

'

'

'

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'

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'

'

240,000

'

'

Severance payroll

'

'

'

'

'

'

'

'

'

'

'

'

'

220,000

'

Unvested restricted common stock forfeited

'

'

'

'

'

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'

'

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'

'

93,750

'

Accrued salaries

'

'

'

'

'

'

'

'

'

'

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'

'

150,000

'

Description investment commitment

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'Mr. Marcum may elect to apply amounts payable under the Marcum Agreement against his commitment to invest $125,000 in the Company's previously disclosed private offering, upon shareholder approval of the participation of the Company's officers and directors in that offering.

'

Purchase of additional preferred stock

'

'

'

$15,000,000

'

'

'

'

'

'

'

'

'

'

'

Maturity period of purchase transaction

'

'

'

'90 days

'

'

'

'

'

'

'

'

'

'

'

Supplemental_Oil_and_Gas_Reser2

Supplemental Oil and Gas Reserve Information (Unaudited) (Details)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
	bbl		bbl
Crude Oil [Member]	'		'
Summary of Proved Developed and Undeveloped Oil and Gas Reserve	'		'
Beginning Balance	351,100		608,237
Purchase of reserves	7,825		39,327
Revisions of previous estimates	512,023		-310,919
Extensions, discoveries	36,325		99,615
Sale of reserves	-12,848		'
Production	-51,706		-85,610
Balance	842,719		351,100
Proved Developed Reserves	213,306		215,693
Proved Developed Reserves	170,531		213,306
Proved Undeveloped Reserves	137,555		392,545
Proved Undeveloped Reserves	672,188	[1]	137,555
Natural Gas [Member]	'		'
Summary of Proved Developed and Undeveloped Oil and Gas Reserve	'		'
Beginning Balance	407,410		148,077
Purchase of reserves	'		'
Revisions of previous estimates	2,238,788		25,813
Extensions, discoveries	'		313,958
Sale of reserves	-17,076		'
Production	-64,845		-80,438
Balance	2,564,277		407,410
Proved Developed Reserves	186,017		148,077
Proved Developed Reserves	178,546		186,017
Proved Undeveloped Reserves	221,314		'
Proved Undeveloped Reserves	2,250,920	[1]	221,314
[1]	Total proven reserves as of December 31, 2013 are $23.34 million compared to reserves of $15.42 million for the year ended December 31, 2012, an increase of $7.92 million or 51%. This increase in standardized measure reflects an increase in proved undeveloped reserves to 1,047 MBOE in 2013 from 175 MBOE in 2012, an increase of 872 MBOE. This increase, in part, reflects the uncertainty in 2012 regarding whether the Company would have sufficient capital to support its current development plan. Proved undeveloped reserves in 2012 were estimated under the assumption that certain farm-outs and joint venture arrangements were required in order to finance development of such reserves. This assumption lowered both the reserve values and capital requirements. This assumption was removed in the preparation of the Company's 2013 reserve estimates due to the Company's improving financial health. Proved undeveloped reserves also increased as a result of a change in the development plan for one of the Company's major properties. The development plan was modified from a vertical to a horizontal program due principally to recent development activities in adjacent and nearby drilling units, resulting in significant increases in units attributable to revisions of previous estimates.

Supplemental_Oil_and_Gas_Reser3

Supplemental Oil and Gas Reserve Information (Unaudited) (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Summary of future net cash flows relating to proved oil and gas	'		'
Future oil and gas sales	$86,521		$32,612
Future production costs	-22,095		-9,718
Future development costs	-21,980		-546
Future income tax expense	'	[1]	'	[1]
Future net cash flows	42,446		22,348
10% annual discount	-19,104		-6,926
Standardized measure of discounted future net cash flows	$23,342	[2]	$15,422	[2]
[1]	Our calculations of the standardized measure of discounted future net cash flows include the effect of estimated future income tax expenses for all years reported. We expect that all of our Net Operating Loss' ("NOL") will be realized within future carry forward periods. All of the Company's operations, and resulting NOLs, are attributable to our oil and gas assets. There were no taxes in any year as the tax basis and NOLs exceeded the future net revenue.
[2]	Total proven reserves as of December 31, 2013 are $23.34 million compared to reserves of $15.42 million for the year ended December 31, 2012, an increase of $7.92 million or 51%. This increase in standardized measure reflects an increase in proved undeveloped reserves to 1,047 MBOE in 2013 from 175 MBOE in 2012, an increase of 872 MBOE. This increase, in part, reflects the uncertainty in 2012 regarding whether the Company would have sufficient capital to support its current development plan. Proved undeveloped reserves in 2012 were estimated under the assumption that certain farm-outs and joint venture arrangements were required in order to finance development of such reserves. This assumption lowered both the reserve values and capital requirements. This assumption was removed in the preparation of the Company's 2013 reserve estimates due to the Company's improving financial health. Proved undeveloped reserves also increased as a result of a change in the development plan for one of the Company's major properties. The development plan was modified from a vertical to a horizontal program due principally to recent development activities in adjacent and nearby drilling units, resulting in significant increases in units attributable to revisions of previous estimates.

Supplemental_Oil_and_Gas_Reser4

Supplemental Oil and Gas Reserve Information (Unaudited) (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Summary of change in the standardized measure of discounted future net cash flows	'		'
Balance at beginning of period	$15,422		$20,014
Sales of oil and gas, net	-3,172		-4,656
Net change in prices and production costs	-879		-1,724
Net change in future development costs	-20,311	[1]	7,766	[1]
Extensions and discoveries	686	[1]	3,916	[1]
Acquisition of reserves	202		1,677
Sale of reserves	-643		'
Revisions of previous quantity estimates	30,968	[1]	-15,031	[1]
Previously estimated development costs incurred	'		638
Net change in income taxes	'		'
Accretion of discount	1,864		2,001
Other	-795		821
Balance at end of period	$23,342		$15,422
[1]	Total proven reserves as of December 31, 2013 are $23.34 million compared to reserves of $15.42 million for the year ended December 31, 2012, an increase of $7.92 million or 51%. This increase in standardized measure reflects an increase in proved undeveloped reserves to 1,047 MBOE in 2013 from 175 MBOE in 2012, an increase of 872 MBOE. This increase, in part, reflects the uncertainty in 2012 regarding whether the Company would have sufficient capital to support its current development plan. Proved undeveloped reserves in 2012 were estimated under the assumption that certain farm-outs and joint venture arrangements were required in order to finance development of such reserves. This assumption lowered both the reserve values and capital requirements. This assumption was removed in the preparation of the Company's 2013 reserve estimates due to the Company's improving financial health. Proved undeveloped reserves also increased as a result of a change in the development plan for one of the Company's major properties. The development plan was modified from a vertical to a horizontal program due principally to recent development activities in adjacent and nearby drilling units, resulting in significant increases in units attributable to revisions of previous estimates.

Supplemental_Oil_and_Gas_Reser5

Supplemental Oil and Gas Reserve Information (Unaudited) (Details Textual)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	bbl	bbl	bbl
Supplemental Oil and Gas Reserve Information (Unaudited) (Textual)	'	'	'
Description of oil and gas reserves price	'Based on the 12 month arithmetic average first of month price January through December 31.	'	'
Natural gas price (per MMBtu)	4.31	2.75	'
Crude oil price (per barrel)	89.56	87.37	'
Description of oil barrels of proved undeveloped reserves	'Total proven reserves as of December 31, 2013 are $23.34 million compared to reserves of $15.42 million for the year ended December 31, 2012, an increase of $7.92 million or 51%. This increase in standardized measure reflects an increase in proved undeveloped reserves to 1,047 MBOE in 2013 from 175 MBOE in 2012, an increase of 872 MBOE.	'	'
Crude Oil [Member]	'	'	'
Supplemental Oil and Gas Reserve Information (Unaudited) (Textual)	'	'	'
Percentage of reserves comprised on energy equivalent basis	66.00%	84.00%	'
Proved Developed and Undeveloped Reserves	842,719	351,100	608,237
Natural Gas [Member]	'	'	'
Supplemental Oil and Gas Reserve Information (Unaudited) (Textual)	'	'	'
Percentage of reserves comprised on energy equivalent basis	34.00%	16.00%	'
Proved Developed and Undeveloped Reserves	2,564,277	407,410	148,077