Lilis Energy (LLEX) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	11-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1437557
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		27,239,094

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$1,330,775	$509,628
Restricted cash	78,966	183,707
Accounts receivable (net of allowance of $80,000 and $80,000, respectively)	862,208	831,706
Prepaid assets	198,103	54,064
Total current assets	2,470,052	1,579,105
Oil and gas properties (full cost method), at cost:
Evaluated properties	46,269,184	46,268,756
Unevaluated acreage, excluded from amortization	2,885,758	2,885,758
Wells in progress, excluded from amortization	6,041,743	6,041,743
Total oil and gas properties, at cost	55,196,685	55,196,257
Less accumulated depreciation, depletion, amortization, and impairment	-30,244,550	-24,550,217
Oil and gas properties at cost, net	24,952,135	30,646,040
Other assets:
Office equipment net of accumulated depreciation of $115,185 and $107,712, respectively.	66,350	73,823
Deferred financing costs, net	301,895	60,000
Restricted cash and deposits	465,541	215,541
Total other assets	833,786	349,364
Total Assets	28,255,973	32,574,509
Current liabilities:
Dividends accrued on preferred stock	180,000	180,000
Accrued expenses for drilling activity	5,734,131	5,734,131
Accounts payable	855,023	975,749
Accrued expenses	1,593,287	1,248,995
Current portion of term loan	500,000
Total current liabilities	8,862,441	8,138,875
Long term liabilities:
Asset retirement obligation	203,849	200,063
Term loan, net of current portion, net of discount	2,447,962
Convertible debentures, net of discount	6,846,465	6,840,076
Warrant liability	499,000	393,788
Convertible debentures conversion derivative liability	1,361,533	1,249,442
Total long-term liabilities	11,358,809	8,683,369
Total liabilities	20,221,250	16,822,244
Commitments and contingencies
Conditionally redeemable 6% preferred stock, $0.0001 par value: 7,000 shares authorized; 2,000 shares issued and outstanding with a liquidation preference of $2,030,000 as of March 31, 2015 and December 31, 2014.	1,640,216	1,686,102
Stockholders' equity
Series A Preferred stock, $0.0001 par value; stated rate $1,000:10,000,000 shares authorized; 7,500 issued and outstanding with a liquidation preference of $7,650,000 as of March 31, 2015 and December 31, 2014.	6,794,000	6,794,000
Common stock, $0.0001 par value: 100,000,000 shares authorized; 26,988,240 shares issued and outstanding as of March 31, 2015 and December 31, 2014.	2,699	2,699
Additional paid in capital	155,914,414	155,097,785
Accumulated deficit	-156,316,606	-147,828,321
Total stockholders' equity	6,394,507	14,066,163
Total Liabilities, Redeemable Preferred Stock and Stockholders' Equity	$28,255,973	$32,574,509

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Balance Sheets [Abstract]
Allowance related to accounts receivable	$80,000	$80,000
Accumulated depreciation of office equipment	115,185	107,712
Redeemable 6% preferred stock, par value	$0.00	$0.00
Redeemable 6% preferred stock, shares authorized	7,000	7,000
Redeemable 6% preferred stock, shares issued	2,000	2,000
Redeemable 6% preferred stock, shares outstanding	2,000	2,000
Redeemable 6% preferred stock, liquidation preferences	2,030,000	2,030,000
Series A Preferred stock, par value	$0.00	$0.00
Series A Preferred Stock, value stated rate	1,000	1,000
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Series A Preferred Stock, shares issued	7,500	7,500
Series A Preferred Stock, shares outstanding	7,500	7,500
Preferred Stock, liquidation preference	$7,650,000	$7,650,000
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	26,988,240	26,988,240
Common stock, shares outstanding	26,988,240	26,988,240

Condensed_Statements_of_Operat

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Oil sales	$89,385	$700,087
Gas sales	21,943	87,667
Operating fees	6,832	34,727
Realized gain on commodity price derivatives		11,143
Total revenue	118,160	833,624
Costs and expenses:
Production costs	20,392	416,323
Production taxes	10,814	93,680
General and administrative	2,352,878	2,958,415
Depreciation, depletion and amortization	243,580	388,635
Impairment of evaluated oil and gas properties	5,462,012
Total costs and expenses	8,089,676	3,857,053
Loss from operations	-7,971,516	-3,023,429
Other income (expenses):
Other income	8	53
Inducement expense		-6,661,275
Change in fair value of convertible debentures conversion derivative liability	-112,091	-9,023,824
Change in fair value of warrant liability	-48,962
Change in fair value of conditionally redeemable 6% preferred stock	45,886
Interest expense	-221,610	-1,211,472
Total other expenses	-336,769	-16,896,518
Net loss	-8,308,285	-19,919,947
Dividend on preferred stock	-180,000
Net loss attributable to common shareholders	($8,488,285)	($19,919,947)
Net loss per common share basic and diluted	($0.29)	($0.79)
Weighted average shares outstanding:
Basic and diluted	28,803,095	25,087,037

Condensed_Statements_of_Operat1

Condensed Statements of Operations (Parenthetical) (Unaudited)	3 Months Ended
	Mar. 31, 2015
Statements Of Operations [Abstract]
Percentage of redeemable preferred stock	6.00%

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($8,308,285)	($19,919,947)
Adjustments to reconcile net loss to net cash used in operating activities:
Inducement expense		6,661,275
Common stock issued to investment bank for fees related to conversion of convertible debentures		686,273
Equity instruments issued for services and compensation	816,628	444,787
Amortization of deferred financing cost	24,413	194,456
Change in fair value of executive incentive bonus	58,589
Change in fair value of convertible debenture conversion derivative	112,091	9,023,824
Change in fair value of warrant liability	48,962
Change in fair value of conditionally redeemable 6% preferred stock	-45,886
Depreciation, depletion, amortization and accretion of asset retirement obligation	243,580	388,635
Impairment of evaluated oil and gas properties	5,462,012
Accretion of debt discount	10,601	357,041
Changes in operating assets and liabilities:
Accounts receivable	-30,502	92,307
Restricted cash	-145,259	-2,637
Other assets	-144,038	431,808
Accounts payable and other accrued expenses	164,977	-310,452
Net cash used in operating activities	-1,732,117	-1,952,630
Cash flows from investing activities:
Acquisition of undeveloped acreage		-305,000
Drilling capital expenditures	-428	-14,494
Additions of oil and gas properties		-49,201
Additions of office equipment		-768
Net cash used in investing activities	-428	-369,463
Cash flows from financing activities:
Net proceeds from issuance of Common Stock		5,327,687
Dividend payments on Preferred Stock	-180,000
Debt issuance costs	-266,308
Proceeds from issuance of debt	3,000,000
Repayment of debt		-314,926
Net cash provided by financing activities	2,553,692	5,012,761
Increase in cash	821,147	2,690,668
Cash at beginning of period	509,628	165,365
CASH AT END OF THE PERIOD	1,330,775	509,628
Supplemental disclosure:
Cash paid for interest	49,665
Cash paid for income taxes
Non-cash transactions:
Fair value of warrants issued as debt discount	56,250
Acquisition of oil and gas assets for accounts payable and accrued interest		5,198,193
Transfer from derivative liability to equity classification		5,031,070
Issuance of Common Stock for payment of convertible debentures		8,744,836
Common Stock issued for convertible note interest		$148,129

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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 31,000 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 the Company’s interest unless otherwise indicated.

Liquidity

Liquidity	3 Months Ended
	Mar. 31, 2015
Liquidity [Abstract]
LIQUIDITY	NOTE 2 - LIQUIDITY
	As of March 31, 2015, the Company had a negative working capital balance and a cash balance of approximately $6.39 million and $1.33 million, respectively. Also as of March 31, 2015, the Company had $3.0 million outstanding under its credit agreement with Heartland Bank (“Heartland”), of which $500,000 is due within one year, and $6.85 million outstanding under its 8% Senior Secured Convertible Debentures (the “Debentures”).
	As of March 31, 2015, the Company is currently producing approximately 40 barrels of oil equivalent (“BOE”) a day from eight economically producing wells.
	On January 8, 2015, the Company entered into a credit agreement with Heartland, as administrative agent (the “Credit Agreement”) which provides for a three-year senior secured term loan in an initial aggregate principal amount of $3.0 million, which principal amount may be increased to a maximum principal amount of $50.0 million at the request of the Company, subject to certain conditions, and pursuant to an accordion advance provision in the Credit Agreement. The availability of additional funds is subject to the discretion of the lenders, and is generally based on the value of the Company’s proved developed producing (“PDP”) and proved undeveloped (“PUD”) reserves. The Company intends to use proceeds borrowed under the Credit Agreement to fund producing property acquisitions in North America, drill wells in the core of the Company’s lease positions and to fund its working capital.
	On April 30, 2015, the Company entered into an Asset Purchase Agreement (the “APA”) with an unaffiliated private seller to acquire non-operated leasehold working interests including interests in 53 producing wells and a 640 gross (499 net) acre block of undeveloped leasehold in the core area of the Wattenberg Field in Weld County, Colorado for approximately $5.5 million in cash. The Company further agreed to pay approximately $1.6 million for the Company’s proportionate share of the ongoing cost of drilling and completing the additional active wells that are currently in progress pursuant to outstanding authorizations for expenditures. The transaction is expected to close prior to June 1, 2015.
	The Company intends to fund the $5.5 million purchase price and associated costs for these assets by drawing down on its Credit Agreement with Heartland acting as administrative agent.
	On June 6, 2014, T.R. Winston & Company, LLC (“TR Winston”) executed a commitment to purchase or affect the purchase by third parties of an additional $15.0 million in Series A 8% Convertible Preferred Stock, to be consummated within 90 days thereof. The agreement was subsequently extended and expired on February 22, 2015. On February 25, 2015, the Company and TR Winston agreed in principal to a replacement commitment, pursuant to which TR Winston has agreed to purchase or affect the purchase by third parties of an additional $7.5 million in Series A 8% Convertible Preferred Stock, to be consummated no later than February 23, 2016, with all other terms substantially the same as those of the original commitment.
	The Company will require additional capital to satisfy its obligations; to fund its current drilling commitments, as well as its acquisition and capital budget plans; to help fund its ongoing overhead; and to provide additional capital to generally improve its negative working capital position. The Company anticipates that such additional funding will be provided by a combination of capital raising activities, including borrowing transactions, the sale of additional debt and/or equity securities, sale of certain assets, and by the development of certain of the Company’s undeveloped properties via arrangements with joint venture partners. If the Company is not successful in obtaining sufficient cash to fund the aforementioned capital requirements, the Company would be required to curtail its expenditures, and may be required to restructure its operations, sell assets on terms which may not be deemed favorable and/or curtail other aspects of its operations, including deferring all or portions of the Company’s capital budget. There is no assurance that any such funding will be available to the Company on acceptable terms, if at all.

Summary_of_Significant_Account

Summary of Significant Accounting Policies and Estimates	3 Months Ended
	Mar. 31, 2015
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 condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2015 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for the full fiscal year for any future period.
	These condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s accounting policies are described in the Notes to Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2014, and updated, as necessary, in this Quarterly Report on Form 10-Q.
	Certain amounts in the 2014 financial statements have been reclassified to conform to the March 31, 2015 financial statements presentation. Such reclassification had no effect on net loss.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the 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. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Although actual results may differ from these estimates under different assumptions or conditions, the Company believes that its estimates are reasonable.
	The most significant financial estimates are associated with the Company’s estimated volumes of proved oil and natural gas reserves, asset retirement obligations, assessments of impairment imbedded in the carrying value of undeveloped acreage and undeveloped properties, fair value of financial instruments, including derivative liabilities, depreciation and accretion, income taxes and contingencies.
	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.
	The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ASC”) Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate.
	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 the present value, discounted at 10%, of estimated future net revenues from proved oil and gas reserves and 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. During the three months ended March 31, 2015, the Company recorded a $5.46 million impairment. No impairment was recorded in 2014.
	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.
	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 in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.
	Revenue Recognition
	The Company derives revenue primarily from the sale of produced natural gas and crude oil. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported as separate expenses and are included in oil and gas production expense in the accompanying consolidated statements of operations. Revenue is recorded in the month the Company’s production is delivered to the purchaser, but payment is generally received between 30 and 90 days after the date of production. No revenue is recognized unless it is determined that title to the product has transferred to the purchaser. At the end of each month, the Company estimates the amount of production delivered to the purchaser and the price the Company will receive. The Company uses its knowledge of its properties, its historical performance, existing contracts, NYMEX and local spot market prices, quality and transportation differentials, and other factors as the basis for these estimates.
	Impairment of Long-lived Assets
	The Company accounts for long-lived assets (other than oil and gas properties) at cost. Other long-lived assets consist principally of property and equipment 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 of 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.
	Net 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 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 shares issuable upon the conversion of debt or preferred stock, and exercise of warrants and options, are excluded from the calculation when their effect would be anti-dilutive. As of March 31, 2015 and 2014 shares underlying options, warrants, preferred stock and convertible debentures have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred.
	The Company had the following Common Stock equivalents at March 31, 2015 and 2014:
		March 31, 2015		March 31, 2014
	Stock Options		4,800,000		1,200,000
	Series A Preferred Stock		3,112,033		-
	Warrants		17,532,065		14,950,264
	Convertible Debentures		3,423,233		3,423,233
			28,867,331		19,573,497
	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 have a material impact on the Company’s financial position and, results of operations.

Oil_and_Gas_Properties_Oil_and

Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2015
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
	During the quarter ended March, 31, 2015, the Company did not buy or sell any of its oil and gas properties.
	If commodity prices stay at current early 2015 levels or decline further, the Company may incur additional full cost ceiling impairments in future quarters. Because the ceiling calculation uses rolling 12-month average commodity prices, the effect of lower quarter-over-quarter prices in 2015 compared to 2014 is a lower ceiling value each quarter. This will result in ongoing impairments each quarter until prices stabilize or improve. Impairment charges would not affect cash flow from operating activities, but would adversely affect the Company’s net income and stockholders’ equity. As a result of this lower ceiling value, during the quarter ended March 31, 2015, the Company recognized an impairment expense on its evaluated oil and gas properties of $5.46 million. No impairment was recognized in 2014.
	Depreciation, depletion and amortization (“DD&A”) expenses related to the proved properties were approximately $244,000 and $389,000 for three months ended March 31, 2015 and 2014, respectively.
	As of March 31, 2015 and December 31, 2014, the Company had $6.04 million of wells in progress, respectively. Wells in progress are related to certain wells in the Company’s core development program within the Northern Wattenberg field. The Company has capitalized and accrued approximately $5.73 million of costs through March 31, 2015 associated with these wells, which are currently in dispute.
	The dispute relates to the Company’s interest in certain producing wells and the well operator’s assertion that the Company’s interest was reduced and/or eliminated as a result of a default or a farm-out agreement. Underlying the dispute is a Joint Operating agreement (“JOA”), which provides the parties with various rights and obligations.
	On March 6, 2015, the Company filed a lawsuit against the operator. In its complaint, the Company seeks monetary damages and declaratory relief on claims of breach of contract, breach of the implied covenant of good faith and fair dealing, tortious breach of the implied covenant of good faith and fair dealing, unjust enrichment, conversion and declaratory judgment related to the JOA. The operator has not yet responded to the complaint.
	During 2014, the Company transferred $516,000 from wells-in progress to developed oil and natural gas properties for one of its other wells in Northern Wattenberg, when it became producing and economic. The amount transferred to producing properties represents 12.5% of the total 25% interest owned by the Company. The remaining 12.5% ownership in the well is currently being accrued at $491,000 for the authorization for expenditure to drill the wells, since the remaining ownership is being disputed by the mineral owners. The Company purchased the rights from both royalty owners which claimed ownership of the mineral rights. The Company has secured its 12.5% ownership by paying both owners $100,000 (total $200,000). The payment was recorded as an asset to obtain the right to the minerals. By securing the interest with both interest owners, the Company’s interest will remain at 25%.
	The mineral owners are disputing the validity of an overriding royalty interest, and as a result, the operator of the well is currently holding revenues from the Company until the dispute is resolved. The Company believes the well is near payout and this should be resolved in the near future. The Company is currently accruing the remaining 12.5% authorization of expenditure and deferring the revenue in a suspense receivable account. The Company received notification that the dispute between the royalty owners has been settled. As a result, the Company is working with the operator to receive payment of its interest.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2015
Derivatives [Abstract]
DERIVATIVES	NOTE 5 - DERIVATIVES
	The Company periodically enters into various commodity derivative financial instruments intended to hedge against exposure to market fluctuations of oil prices. As of March 31, 2015 and December 31, 2014, the Company did not have any commodity derivative instruments. Through January 31, 2014, the Company maintained an active commodity swap for 100 barrels of oil per day at a price of $99.25 per barrel. The Company recorded a realized loss on oil price hedges of approximately $11,000 for the three months ended March 31, 2014.
	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 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.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value of Financial Instruments [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6 - 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 interest rate term loan and convertible debentures are measured using Level 3 inputs.
	Executive Compensation
	In September 2013, the Company announced the appointment of Abraham Mirman as its new president. In connection with Mr. Mirman’s appointment, the Company entered into an employment agreement with Mr. Mirman (the “Mirman Agreement”). The 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 valued at each reporting period. The Company engaged a valuation firm (“VFIRM”) to complete a valuation of this incentive bonus. As of December 31, 2014, the Company recorded a liability of $40,000 for accrued compensation. As previously announced, on March 30, 2015, the Company entered into an amended and restated employment agreement (the “CEO Agreement”) with Mr. Mirman. The CEO Agreement also provides for Mr. Mirman to receive a cash incentive bonus if certain production thresholds are achieved by the Company. The Company recorded Mr. Mirman’s new incentive bonus liability, valued by VFIRM, at $43,000 at March 31, 2015.
	On March 6, 2015, the Company announced the appointment of Kevin Nanke as its new Executive Vice President and Chief Financial Officer. Mr. Nanke will also receive a cash incentive bonus if certain production thresholds are achieved by the Company and a performance bonus of $100,000 if the Company achieves certain goals set forth in the employment agreement. The Company recorded Mr. Nanke’s new incentive bonus liability, valued by VFIRM, at $29,000 at March 31, 2015.
	As previously announced, in March 2015, the Company entered into an employment agreement with Ariella Fuchs for services to be performed as General Counsel to the Company. Ms. Fuchs will also receive a cash incentive bonus if certain production thresholds are achieved by the Company. The Company recorded Ms. Fuchs’ new incentive bonus liability, valued by VFIRM, at $27,000 at March 31, 2015.
	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, 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; the economic lives of its properties, which are based on estimates from reserve engineers; the inflation rate; and 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.
	Consulting Agreement with Bristol Capital-Warrant Anti-Dilution Feature
	As previously disclosed, on September 2, 2014, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Bristol Capital, LLC (“Bristol”), pursuant to which the Company issued to Bristol a warrant to purchase up to 1,000,000 shares of Common Stock at an exercise price of $2.00 per share (or, in the alternative, 1,000,000 options, but in no case both). The agreement has an anti-dilution feature that will automatically reduce the exercise price if the Company enters into another consulting agreement pursuant to which warrants are issued with a lower exercise price. On March 31, 2015, the Company revalued the warrants/options using the following variables: (i) warrants/options issued 1,000,000 total (as stated above, the Company will only issue a total of 1,000,000 shares of Common Stock under the option or the warrant, but no more than 1,000,000 shares in the aggregate); (ii) stock price $0.98; (iii) exercise price $ 2.00; expected life of 4.42 years; volatility of 104.5%; risk free rate of 1.25% for a total value of $400,000, which adjusted the change in fair value valuation of the derivative by $6,000 for the three months ended March 31, 2015.
	Heartland Credit Agreement - Warrant Anti-Dilution Feature
	On January 8, 2015, the Company entered into the Credit Agreement which provides for a three-year senior secured term loan in an initial aggregate principal amount of $3.0 million, which principal amount may be increased to a maximum principal amount of $50.0 million at the request of the Company, subject to certain conditions, and pursuant to an accordion advance provision in the Credit Agreement. Heartland is entitled to receive 75,000 warrants for every $1.0 million advance with an exercise price equal to 115% of the 10-day volume weighted average price (“VWAP”) prior to closing. The Company issued 225,000 warrants (“Initial Warrants”) with the initial advance had an exercise price of $2.50. The Initial Warrants have an anti-dilution feature that will automatically reduce the exercise price if the Company enters into another agreement pursuant to which warrants are issued with a lower exercise price. The Company is carrying the Initial Warrants, valued at January 8, 2015, as a long-term derivative liability and will revalue the instrument every periodic period. On March 31, 2015, the Company revalued the warrants/option using the following variables: On March 31, 2015: (i) warrants issued 225,000; (ii) stock price $0.98; (iii) exercise price $ 2.50; expected life of 4.77 years; volatility of 106.9%; risk free rate of 1.31% for a total value of $99,000, which adjusted the change in fair value valuation of the derivative by $43,000 for the three months ended March 31, 2015. On January 8, 2015: (i) warrants issued 225,000; (ii) stock price $0.72; (iii) exercise price $ 2.50; expected life of 5.0 years; volatility of 97.1%; risk free rate of 1.50% for a total value of $56,000.
	Convertible Debentures Conversion Derivative Liability
	As of March 31, 2015, the Company had $6.84 million in remaining Debentures, which are convertible at any time at the holders’ option into shares of Common Stock at $2.00 per share, or 3,423,233 underlying conversion shares. The debentures have elements of a derivative due to the potential for certain adjustments, including both the conversion option and the price protection embedded in the Debentures. The conversion option allows the Debenture holders to convert their Debentures to the underlying Common Stock at $2.00. Subject to certain adjustments, including the requirement to reset the conversion for any subsequent offering at a lower price per share amount. The Company values this conversion liability at each reporting period using a Monte Carlo pricing model.
	At March 31, 2015 and December 31, 2014, the Company valued the conversion feature associated with the Debentures at $1.36 million and $1.25 million, respectively. The Company used the following inputs to calculate the valuation of the derivative as of March 31, 2015: volatility 110%; conversion price $2.00; stock price $0.98; and present value of conversion feature $0.40 per convertible share and as of December 31, 2014: volatility 70%; conversion price $2.00; stock price $0.72; and present value of conversion feature $0.47 per convertible share.
	The following table provides a summary of the fair values of assets and liabilities measured at fair value (in thousands):
	March 31, 2015:
			Level 1		Level 2		Level 3			Total
	Liability
	Executive employment agreements		$	-	$	-	$	(99	)	$	(99	)
	Warrant liabilities			-		-		(499	)		(499	)
	Convertible debenture conversion derivative liability			-		-		(1,361	)		(1,361	)
	Total liability, at fair value		$	-	$	-	$	(1,959	)	$	(1,959	)
	December 31, 2014:
			Level 1		Level 2		Level 3			Total
	Liability
	Executive employment agreement		$	-	$	-	$	(40	)	$	(40	)
	Warrant liabilities			-		-		(394	)		(394	)
	Convertible debenture conversion derivative liability			-		-		(1,249	)		(1,249	)
	Total liability, at fair value		$	-	$	-	$	(1,683	)	$	(1,683	)
	The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets and liabilities as of March 31, 2015 (in thousands):
			Conversion derivative liability		Bristol/		Incentive bonus			Total
					Heartland warrant liability
	Balance at January 1, 2015		$	1,249	$	394	$	40		$	1,683
	Additional liability			-		56		99			155
	Change in fair value of liability			112		49		(40	)		121
	Balance at March 31, 2015		$	1,361	$	499	$	99		$	1,959
	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 three months ended March 31, 2015 and 2014.

Loan_Agreements

Loan Agreements	3 Months Ended
	Mar. 31, 2015
Loan Agreements [Abstract]
LOAN AGREEMENTS	NOTE 7 - LOAN AGREEMENTS
	(thousands, except percentages)	As of
		March 31,
		2015
	Heartland Term Loan	$	3,000
	Unamortized debt discount		(52	)
	Heartland Term Loan, net		2,948
	Less: amount due within one year		(500	)
	Long-term debt due after one year	$	2,448
	8% Convertible Debentures, net (due 2018; 8% weighted average interest rate)	$	6,846
	Heartland Bank
	On January 8, 2015, Lilis Energy, Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) with Heartland, as administrative agent, and the financial institutions from time to time signatory thereto (individually a “Lender,” and any and all such financial institutions collectively the “Lenders”).
	The Credit Agreement provides for a three-year senior secured term loan in an initial aggregate principal amount of $3,000,000, which principal amount may be increased to a maximum principal amount of $50,000,000 at the request of the Company pursuant to an accordion advance provision in the Credit Agreement subject to certain conditions, including the discretion of the lender (the “Term Loan”). Funds borrowed under the Credit Agreement may be used by the Company to (i) purchase oil and gas assets, (ii) fund certain Lender-approved development projects, (iii) fund a debt service reserve account, (iv) pay all costs and expenses arising in connection with the negotiation and execution of the Credit Agreement, and (v) fund the Company’s general working capital needs.
	The Term Loan bears interest at a rate calculated based upon the Company’s leverage ratio and the “prime rate” then in effect. In connection with its entry into the Credit Agreement, the Company also paid a nonrefundable commitment fee in the amount of $75,000, and agreed to issue to the Lenders 75,000, 5-year warrants for every $1 million funded. An initial warrant to purchase up to 225,000 shares of the Company’s common stock at $2.50 per share was issued in connection with closing. As of January 8, 2015, the Company valued the 225,000 warrants at $56,000 which was accounted for as debt discount and amortized over the life of the debt. See Note 6—Fair Value of Financial Instruments for valuation inputs.
	The Company has the right to prepay the Term Loan, in whole or in part, subject to certain conditions. If the Company exercises its right to prepay under the Credit Agreement prior to January 8, 2016, it will be assessed a prepayment premium in an amount equal to 3% of the amount of such prepayment. If the Company exercises its right to prepay under the Credit Agreement after January 8, 2016, such prepayment shall be without premium or penalty.
	The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants. The Credit Agreement also contains financial covenants with respect to the Company’s (i) debt to EBITDAX ratio and (ii) debt coverage ratio. In addition, in certain situations, the Credit Agreement requires mandatory prepayments of the Term Loans, including in the event of certain non-ordinary course asset sales, the incurrence of certain debt, and the Company’s receipt of proceeds in connection with insurance claims.
	8% Convertible Debentures
	In numerous separate private placement transactions between February 2011 and October 2013, the Company issued an aggregate of approximately $15.6 million of Debentures, secured by mortgages on several of its properties. On January 31, 2014, the Company entered into a Debenture Conversion Agreement (the “Conversion Agreement”) with all of the holders of the Debentures.
	As of March 31, 2015 and December 31, 2014, the Company had $6.85 million and $6.84, net, respectively, remaining Debentures which are convertible at any time at the holders’ option into shares of Common Stock at $2.00 per share, subject to certain standard adjustments.
	Under the terms of the Conversion Agreement, the balance of the Debentures may be converted to Common Stock on the terms provided in the Conversion Agreement (including the terms related to the Warrants) at the election of the holder, subject to receipt of shareholder approval as required by NASDAQ continued listing requirements. The Company intends to present proposals to approve the conversion of the remaining outstanding Debentures at its 2015 annual meeting of shareholders.
	As of March 31, 2015, the Company is in compliance with both the Credit Agreement and the 8% Convertible Debenture covenants.
	Inducement Expense
	On January 31, 2014, as discussed above, the Company entered into the Conversion Agreement with all of the holders of the Debentures. Under the terms of the Conversion Agreement, $9.0 million of the approximately $15.6 million in Debentures outstanding as of January 30, 2014 immediately converted to shares of Common Stock at a price of $2.00 per common share. 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 (the “Warrants”), for each share of Common Stock issued upon conversion of the Debentures. The Company utilized a Black Scholes option price model, with a 3 year life and 65% volatility, risk free rate of 0.2%, and the market price of $3.05. The Company recorded an inducement expense of $6.66 million during the year ended December 31, 2014 for the Warrants. TR Winston acted as the investment banker for the Conversion Agreement and was compensated with 225,000 shares of Common Stock valued at a market price of $3.05 per share. The Company valued the investment banker compensation at $686,000, which was expensed immediately.
	Interest Expense
	For the three months ended March 31, 2015 and 2014, the Company incurred interest expense of approximately $222,000 and $1.21 million, respectively, of which approximately $172,000 and $1.05 million, respectively, were non-cash interest expense conveyed through property, 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	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies [Abstract]
COMMITMENTS and CONTINGENCIES	NOTE 8 - COMMITMENTS and CONTINGENCIES
	Environmental and Governmental Regulation
	At March 31, 2015, 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 March 31, 2015 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, Tracinda, 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 asserted rights to lawful set-offs and deductions in connection with certain tax consequences, which may be material to the Company. The underlying judgment against Mr. Parker was appealed to the Colorado Court of Appeals and, by Order dated October 17, 2013, that Court reversed the trial court with respect to Mr. Parker’s claims of waiver, estoppel and mitigation of damages and remanded with instruction to enter judgment for Mr. Parker. The Court of Appeals also ordered the trial court to conduct further proceedings to determine the amount of damages to award Mr. Parker on his breach of contract claim. The trial court conducted a later hearing and found in its Findings of Fact, Conclusions of Law and Order dated January 9, 2015, in favor of Mr. Parker on his claim for breach of contract, awarding him $6,981,302.60. Tracinda has appealed the ruling of the trial court.
	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 and, by Order dated February 2, 2015, the Bankruptcy Court ordered that the Adversary Proceeding be held in abeyance pending final resolution of the state-court action (2011CV561). The Company is unable to predict the timing and outcome of this matter.
	Lilis Energy, Inc. v. Great Western Operating Company LLC, Eighth Judicial District Court for Clark County, Nevada, Case No. A-15-714879-B. On March 6, 2015, the Company filed a lawsuit against the operator. The dispute relates to the Company’s interest in certain producing wells and the well operator’s assertion that the Company’s interest was reduced and/or eliminated as a result of a default or a farm-out agreement. Underlying the dispute is the JOA which provides the parties with various rights and obligations. In its complaint, the Company seeks monetary damages and declaratory relief on claims of breach of contract, breach of the implied covenant of good faith and fair dealing, tortious breach of the implied covenant of good faith and fair dealing, unjust enrichment, conversion and declaratory judgment related to the JOA. The operator has not yet responded to the complaint.
	The Company believes there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 - RELATED PARTY TRANSACTIONS
	G. Tyler Runnels
	The Company has participated in several transactions with TR Winston, of which G. Tyler Runnels, currently a member of the Company’s board of directors, is chairman and majority owner. Mr. Runnels also beneficially holds more than 5% of the Company’s Common Stock, including the holdings of TR Winston and his personal holdings, and has personally participated in certain transactions with the Company.
	On June 6, 2014, TR Winston executed a commitment to purchase or affect the purchase by third parties of an additional $15 million in Series A 8% Convertible Preferred Stock, to be consummated within 90 days thereof. The agreement was subsequently extended and expired on February 22, 2015. On February 25, 2015, the Company and TR Winston agreed in principal to a replacement commitment, pursuant to which TR Winston has agreed to purchase or affect the purchase by third parties of an additional $7.5 million in Series A 8% Convertible Preferred Stock, to be consummated no later than February 23, 2016, with all other terms substantially the same as those of the original commitment.
	Ronald D. Ormand
	On March 20, 2014, the Company entered into an Engagement Agreement (the “Engagement Agreement”) with MLV & Co. LLC (“MLV”), pursuant to which MLV will act as the Company’s exclusive financial advisor. Ronald D. Ormand, currently a member of the Company’s board of directors as of February 2015, is the Managing Director and Head of Energy Investment Banking Group at MLV. The Engagement Agreement provides for a fee of $25,000 to be paid monthly to MLV, subject to certain adjustments and other specific fee arrangements in connection with the nature of financial services being provided. The Company expensed $75,000 for the three months ended March 31, 2015 and expensed a total of $25,000 for the three months ended March 31, 2014.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Shareholder's Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 10 - SHAREHOLDERS’ EQUITY
	During the three months ended March 31, 2015, the Company granted 284,188 shares of restricted stock to employees and board members. The Company reduced the total common shares outstanding at March 31, 2015 by 100,000 shares as a result of an adjustment for restricted stock granted which was forfeited before it vested. The total shares of Common Stock then increased during the quarter ended March 31, 2015 by 184,188, net of the adjustment for restricted stock.
	Series A 8% Convertible Preferred Stock
	On May 30, 2014, the Company consummated a private placement of 7,500 shares of Series A 8% Convertible Preferred Stock (the “Series A Preferred Stock”), along with detachable warrants to purchase up to 1,556,017 shares of Common Stock, at an exercise price of $2.89 per share, for aggregate gross proceeds of $7.50 million. The Series A Preferred Stock has a par value of $0.0001 per share, a stated value of $1,000 per share, a conversion price of $2.41 per share, and a liquidation preference to any junior securities. In connection with the issuance of the Series A Preferred Stock, the Company also issued a warrant for 50% of the amount of shares of Common Stock into which the Series A Preferred Stock is convertible.
	In connection with issuance of the Series A Preferred Stock, the beneficial conversion feature (“BCF”) associated with this series, was valued at $2.21 million and the fair value of the warrant was valued at $1.35 million. The aggregate value of the Series A Preferred Stock and warrant, valued at $3.56 million, was considered a deemed dividend and the full amount was expensed immediately. The Company determined the transaction created a beneficial conversion feature which is calculated by taking the net proceeds of $6.79 million and valuing the warrants as of May 2014, utilizing a Black Scholes option pricing model. The inputs for the pricing model are: $2.48 market price per share; exercise price of $2.89 per share; expected life of 3 years; volatility of 70%; and risk free rate of 0.20%. The Company calculated the total consideration given to be $8.40 million comprised of $6.80 million for the Series A Preferred and $1.6 million for the warrants. The Company deemed the value of the beneficial conversion feature to be $2.21 million and immediately accreted that amount as a deemed dividend. As of March 31, 2015, the Company has accrued a cumulative dividend for $150,000.
	Conditionally Redeemable 6% Preferred Stock
	In August 2014, the Company designated 2,000 shares of its authorized preferred stock as Conditionally Redeemable 6% Preferred Stock (“Redeemable Preferred”). All 2,000 shares of Redeemable Preferred were issued in September 2014, pursuant to the Settlement Agreement with Hexagon. The Redeemable Preferred has the same par value and stated value characteristics as the Series A Preferred Stock, yet the Conditionally Redeemable 6% Preferred Stock is not convertible into Common Stock or any other securities of the Company. Except as otherwise required by law, holders of the Redeemable Preferred shall not be entitled to voting rights.
	The Redeemable Preferred Stock bears a 6% dividend per annum, payable quarterly, and is redeemable at face value (plus any accrued and unpaid dividends) at any time at the Company’s option, or at the Holders option upon the Company’s achievement of certain production and reserves thresholds. These thresholds include, the Company’s annualized gross production average for 90 consecutive days at 2,500 BOE per day or higher or the Company’s PV-10 value of its producing developed properties filed with the Securities and Exchange Commission exceeds $50 million. On March 31, 2015 and December 31, 2014, the Company revalued the Conditionally Redeemable 6% Preferred Stock using the Monte Carlo pricing for a total value of $1.64 million, which adjusted the change in fair value valuation of the derivative by $46,000 for the three months ended March 31, 2015. On December 31, 2014, the Conditionally Redeemable Preferred Stock was valued at approximately $1.69 million. As of March 31, 2015, the Company has accrued a cumulative dividend for $30,000.
	Consulting Agreements
	In the ordinary course of business, the Company enters into services agreements for various services including but not limited to strategic planning; management and business operations; introductions to further its business goals; advice and services related to the Company’s growth initiatives; public relations; investment banking and any other consulting or advisory services including the one entered into with Bristol, discussed above. Often times, these agreements provide for an equity compensation component which has been paid in Common Stock, stock options and warrants or a combination thereof. During the three months ended March 31, 2015, Company issued a total of 300,000 warrants that were paid to consultants.
	Warrants
	A summary of warrant activity for the three months ended March 31, 2015:
		Warrants		Weighted- Average Exercise Price
	Outstanding at January 1, 2015		17,007,065		3.59
	Warrants issued to Heartland Bank		225,000		2.5
	Warrants issued to consultants		300,000		2.5
	Exercised, forfeited, or expired		-		-
	Outstanding at March 31, 2015		17,532,065	$	3.56
	The aggregate intrinsic value associated with outstanding warrants was zero at March 31, 2015 and December 31, 2014, respectively, as the strike price of all warrants exceeded the market price for Common Stock, based on the Company’s closing Common Stock price of $0.98 and $0.72, respectively. The weighted average remaining contract life as of March 31, 2015 was 1.47 years, and 1.71 years as of December 31, 2014.
	During the three months ended March 31, 2015 and 2014, the Company issued warrants to purchase Common Stock for professional services. The warrants were valued using a Black Sholes model and $204,000 and $643,000 were expensed immediately for the three months ended March 31, 2015 and 2014, respectively.

Share_Based_and_Other_Compensa

Share Based and Other Compensation	3 Months Ended
	Mar. 31, 2015
Share Based and Other Compensation [Abstract]
SHARE BASED AND OTHER COMPENSATION	NOTE 11 - SHARE BASED AND OTHER COMPENSATION
	Share-Based Compensation
	In September 2012, the Company adopted the 2012 Equity Incentive Plan (the “EIP”). The EIP was amended by the stockholders on June 27, 2013 to increase the number of shares of Common Stock 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 shares of Common Stock available for grant under the EIP from 1,800,000 shares to 6,800,000 shares and to increase the number of shares of Common Stock 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 stock options and/or restricted stock grants, and in the future may be awarded such grants under the terms of the EIP.
	The value of employee services received in exchange for an award of equity instruments is 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 three months ended March 31, 2015, the Company granted 284,188 shares of restricted Common Stock and 3,450,000 stock options, to employees, directors and consultants. Also during the three months ended March 31, 2015, certain of the Company’s employees, directors and consultants forfeited 100,000 shares of restricted Common Stock and 2,233,333 stock options previously issued in connection with various terminations. As a result, the Company currently has 1,814,855 restricted shares and 4,800,000 options to purchase common shares outstanding to employees and directors. Options issued to employees vest in equal installments over specified time periods during the service period or upon achievement of certain performance based operating thresholds.
	The Company requires that employees and directors pay the tax on equity grants in order to issue the shares and there is currently no cashless exercise option. Therefore, as of March 31, 2015, 1,426,917 shares remain issued, but not outstanding.
	Compensation Costs
			As of March 31, 2015									As of March 31, 2014
	(Dollar amounts in thousands)		Stock			Restricted Stock			Total			Stock			Restricted		Total
															Stock
			Options									Options
	Stock-based compensation expensed		$	555		$	58		$	613		$	224		$	70	$	294
	Unamortized stock-based compensation costs		$	1,789		$	75		$	1,864
	Weighted average amortization period remaining*			8.26			1.07
	*	Only includes directors and employees which the options vest over time instead of performance criteria which the performance criteria has not been met as of March 31, 2015.
	Restricted Stock
	A summary of restricted stock grant activity for the three months ended March 31, 2015 is presented below:
			Number of Shares			Weighted Average Grant Date Price
	Outstanding at January 1, 2015			1,630,667			2.44
	Granted			284,188			0.97
	Forfeited			(100,000	)		2.45
	Outstanding at March 31, 2015			1,814,855			2.21
	As of March 31, 2015, total unrecognized compensation cost related to the 74,166 unvested shares was approximately $77,000, which is expected to be recognized over a weighted-average remaining service period of 1.07 years.
	During the three months ended March 31, 2015 and 2014, the Company granted restricted stock for professional services. The restricted stock granted was valued at the fair value at the date of grant and vested over the useful life of the service contract. During the three months ended March 31, 2015 and 2014 the Company amortized $57,000 and $95,000, respectively relating to these contracts.
	Subsequent to March 31, 2015, the Company issued 300,854 shares to employees and a director upon vesting of restricted shares.
	Board of Directors
	In October 2013, the Company granted each of its independent directors 200,000 non-statutory options to purchase Common Stock at an exercise price of $2.05 per share, 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.
	In connection with execution of an amended independent agreement, each director also agreed to receive 31,250 shares of restricted Common Stock in lieu of a portion of their cash salaries, to vest on April 15, 2014. In December 2014, the Company issued each director 31,250 shares (total for three directors 93,750 shares) for a value of $150,000.
	During 2014, the Company granted 650,000 options to purchase Common Stock to certain officer and directors, net of 1.50 million options granted and forfeited in 2014 described in more detail above. Additionally, the Company cancelled 867,000 options for certain officer’s directors that are no longer with the Company.
	In April of 2015, the Company amended its non-employee director compensation terms and granted 100,000 shares, vesting over three years, and 450,000 options (250,000 which vested immediately and 200,000 which vest in equal installments over three years) to each of G. Tyler Runnels, General Merrill McPeak and Ronald D. Ormand. See Note 14 —Subsequent Events.
	Stock Options
	A summary of stock options activity for the three months ended March 31, 2015 is presented below:
									Stock Options Outstanding and Exercisable
			Number			Weighted			Number			Weighted
			of Options			Average			of Options			Average
						Exercise			Vested/ Exercisable			Remaining
						Price						Contractual Life
												(Years)
	Outstanding at January 1, 2015			3,583,333		$	2.16			1,383,333		$	4.24
	Granted			3,450,000		$	1.11			766,667		$	1.11
	Exercised			-			-			-			-
	Forfeited or cancelled			(2,233,333	)	$	(2.45	)		(233,333	)		(1.84	)
	Outstanding at March 31, 2015			4,800,000		$	1.4			1,916,667		$	3.73
	As of March 31, 2015, total unrecognized compensation costs relating to the outstanding options was $1,789,000, which is expected to be recognized over the remaining vesting period of approximately 2.47 years.
	The outstanding options do not have any intrinsic value at year end, as their weighted average price is greater than the trading price at March 31, 2015. The average life of the options is 3 years and has no intrinsic value as of March 31, 2015.
	During the three month ended March 31, 2015 and 2014, the Company issued stock options to purchase Common Stock to certain Officers and Directors. The options are valued using a Black Scholes model and amortized over the life of the option. During the three months ended March 31, 2015 and 2014 the Company amortized $555,000 and $225,000, respectively relating to options outstanding.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12- SUBSEQUENT EVENTS
	Asset Purchase Agreement
	On April 30, 2015, the Company entered into an Asset Sale and Purchase Agreement (the “APA”) with an unaffiliated private seller to acquire non-operated leasehold working interests including interests in 53 producing wells and a 640 gross (499 net) acre block of undeveloped leasehold in the core area of the Wattenberg Field in Weld County, Colorado for approximately $5.5 million in cash. The Company further agreed to pay approximately $1.6 million for the Company’s proportionate share of the ongoing cost of drilling and completing the additional active wells that are currently in progress pursuant to outstanding authorizations for expenditures. The transaction is expected to close prior to June 1, 2015.
	The Company intends to fund the $5.5 million purchase price and associated costs for these assets by drawing down on its Credit Agreement with Heartland acting as administrative agent.
	Board Compensation
	On April 16, 2015, the Board adopted amended terms to the Company’s independent director compensation agreements and established an amended non-employee director compensation program. The Company’s non-employee director compensation program is comprised of the following components:
	●	Initial Grant: Each non-employee director receives 100,000 shares of Common Stock, which vest in three equal installments over a three year period, payable on the date of the director’s appointment anniversary (subject to the continued service of the director and certain accelerated vesting provisions);
	●	Annual Stock Award: Each non-employee director will receive an annual stock award equal to $60,000 divided by the most recent per share closing price of the Common Stock on the national securities exchange on which the Common Stock is traded prior to the date of each annual grant, payable on the director’s appointment anniversary, and subject to certain accelerated vesting provisions;
	●	Annual Cash Retainer: Each non-employee director will receive an annual cash retainer fee of $60,000, paid quarterly, which at the election of the director is payable in cash or stock (calculated by dividing the value of cash compensation (or a portion thereof), by the most recent per share closing price of the Common Stock on the national securities exchange on which the Common Stock is traded prior to the date of the grant; and
	●	Option Award: Each non-employee director will receive grant of 250,000 stock options, which vest immediately and 200,000 options that vest in equal installments over a three year period; and
	●	Committee Fees: On a quarterly basis, beginning at the end of the first full quarter following the appointment of the non-employee director to Chairman of the Board, Chairman of the Audit Committee or Chairman of the Compensation Committee, the director will receive $12,500, $6,250 and $6,250, respectively, in cash compensation.
	For more information on the grants of equity compensation to non-employee directors see Note11— Share Based and Other Compensation—Share Based Compensation.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies and Estimates [Abstract]
Basis of Presentation	Basis of Presentation
	The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2015 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for the full fiscal year for any future period.
	These condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s accounting policies are described in the Notes to Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2014, and updated, as necessary, in this Quarterly Report on Form 10-Q.
	Certain amounts in the 2014 financial statements have been reclassified to conform to the March 31, 2015 financial statements presentation. Such reclassification had no effect on net loss.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the 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. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Although actual results may differ from these estimates under different assumptions or conditions, the Company believes that its estimates are reasonable.
	The most significant financial estimates are associated with the Company’s estimated volumes of proved oil and natural gas reserves, asset retirement obligations, assessments of impairment imbedded in the carrying value of undeveloped acreage and undeveloped properties, fair value of financial instruments, including derivative liabilities, depreciation and accretion, income taxes and contingencies.
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.
	The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ASC”) Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate.
	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 the present value, discounted at 10%, of estimated future net revenues from proved oil and gas reserves and 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. During the three months ended March 31, 2015, the Company recorded a $5.46 million impairment. No impairment, was recorded in 2014.
	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.
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 in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.
Revenue Recognition	Revenue Recognition
	The Company derives revenue primarily from the sale of produced natural gas and crude oil. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported as separate expenses and are included in oil and gas production expense in the accompanying consolidated statements of operations. Revenue is recorded in the month the Company’s production is delivered to the purchaser, but payment is generally received between 30 and 90 days after the date of production. No revenue is recognized unless it is determined that title to the product has transferred to the purchaser. At the end of each month, the Company estimates the amount of production delivered to the purchaser and the price the Company will receive. The Company uses its knowledge of its properties, its historical performance, existing contracts, NYMEX and local spot market prices, quality and transportation differentials, and other factors as the basis for these estimates.
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 consist principally of property and equipment 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 of 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.
Net Loss per Common Share	Net 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 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 shares issuable upon the conversion of debt or preferred stock, and exercise of warrants and options, are excluded from the calculation when their effect would be anti-dilutive. As of March 31, 2015 and 2014 shares underlying options, warrants, preferred stock and convertible debentures have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred.
	The Company had the following Common Stock equivalents at March 31, 2015 and 2014:
		March 31, 2015		March 31, 2014
	Stock Options		4,800,000		1,200,000
	Series A Preferred Stock		3,112,033		-
	Warrants		17,532,065		14,950,264
	Convertible Debentures		3,423,233		3,423,233
			28,867,331		19,573,497
	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 have a material impact on the Company’s financial position and, results of operations.
Recently Issued 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 have a material impact on the Company’s financial position and, results of operations.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies and Estimates (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies and Estimates [Abstract]
Schedule of common stock equivalents
		March 31, 2015		March 31, 2014
	Stock Options		4,800,000		1,200,000
	Series A Preferred Stock		3,112,033		-
	Warrants		17,532,065		14,950,264
	Convertible Debentures		3,423,233		3,423,233
			28,867,331		19,573,497

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value of Financial Instruments [Abstract]
Summary of fair value of assets and liabilities measured at fair value	March 31, 2015:
		Level 1		Level 2		Level 3			Total
	Liability
	Executive employment agreements	$	-	$	-	$	(99	)	$	(99	)
	Warrant liabilities		-		-		(499	)		(499	)
	Convertible debenture conversion derivative liability		-		-		(1,361	)		(1,361	)
	Total liability, at fair value	$	-	$	-	$	(1,959	)	$	(1,959	)
	December 31, 2014:
		Level 1		Level 2		Level 3			Total
	Liability
	Executive employment agreement	$	-	$	-	$	(40	)	$	(40	)
	Warrant liabilities		-		-		(394	)		(394	)
	Convertible debenture conversion derivative liability		-		-		(1,249	)		(1,249	)
	Total liability, at fair value	$	-	$	-	$	(1,683	)	$	(1,683	)
Summary of changes in fair value of Level 3 financial assets and liabilities
		Conversion derivative liability		Bristol/		Incentive bonus			Total
				Heartland warrant liability
	Balance at January 1, 2015	$	1,249	$	394	$	40		$	1,683
	Additional liability		-		56		99			155
	Change in fair value of liability		112		49		(40	)		121
	Balance at March 31, 2015	$	1,361	$	499	$	99		$	1,959

Loan_Agreements_Tables

Loan Agreements (Tables)	3 Months Ended
	Mar. 31, 2015
Loan Agreements [Abstract]
Schedule of debt
	(thousands, except percentages)	As of
		March 31,
		2015
	Heartland Term Loan	$	3,000
	Unamortized debt discount		(52	)
	Heartland Term Loan, net		2,948
	Less: amount due within one year		(500	)
	Long-term debt due after one year	$	2,448
	8% Convertible Debentures, net (due 2018; 8% weighted average interest rate)	$	6,846

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Shareholder's Equity [Abstract]
Summary of warrant activity
		Warrants		Weighted- Average Exercise Price
	Outstanding at January 1, 2015		17,007,065		3.59
	Warrants issued to Heartland Bank		225,000		2.5
	Warrants issued to consultants		300,000		2.5
	Exercised, forfeited, or expired		-		-
	Outstanding at March 31, 2015		17,532,065	$	3.56

Share_Based_and_Other_Compensa1

Share Based and Other Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Share Based and Other Compensation [Abstract]
Summary of compensation costs activity			As of March 31, 2015									As of March 31, 2014
	(Dollar amounts in thousands)		Stock			Restricted Stock			Total			Stock			Restricted		Total
															Stock
			Options									Options
	Stock-based compensation expensed		$	555		$	58		$	613		$	224		$	70	$	294
	Unamortized stock-based compensation costs		$	1,789		$	75		$	1,864
	Weighted average amortization period remaining*			8.26			1.07
	*	Only includes directors and employees which the options vest over time instead of performance criteria which the performance criteria has not been met as of March 31, 2015.
Summary of restricted stock grant activity			Number of Shares			Weighted Average Grant Date Price
	Outstanding at January 1, 2015			1,630,667			2.44
	Granted			284,188			0.97
	Forfeited			(100,000	)		2.45
	Outstanding at March 31, 2015			1,814,855			2.21
Summary of stock options activity									Stock Options Outstanding and Exercisable
			Number			Weighted			Number			Weighted
			of Options			Average			of Options			Average
						Exercise			Vested/ Exercisable			Remaining
						Price						Contractual Life
												(Years)
	Outstanding at January 1, 2015			3,583,333		$	2.16			1,383,333		$	4.24
	Granted			3,450,000		$	1.11			766,667		$	1.11
	Exercised			-			-			-			-
	Forfeited or cancelled			(2,233,333	)	$	(2.45	)		(233,333	)		(1.84	)
	Outstanding at March 31, 2015			4,800,000		$	1.4			1,916,667		$	3.73

Liquidity_Details

Liquidity (Details) (USD $)	0 Months Ended	1 Months Ended
	Jun. 06, 2014	Apr. 30, 2015	Jun. 30, 2013	Mar. 31, 2015	Jan. 08, 2015
Liquidity [Textual]
Debt interest rate	8.00%
Debt instrument principal amount			$1,410,000
Tr Winston [Member]
Liquidity [Textual]
Debt interest rate	8.00%
Purchase commitment, description	On June 6, 2014, T.R. Winston & Company, LLC ("TR Winston") executed a commitment to purchase or affect the purchase by third parties of an additional $15.0 million in Series A 8% Convertible Preferred Stock, to be consummated within 90 days thereof. The agreement was subsequently extended and expired on February 22, 2015. On February 25, 2015, the Company and TR Winston agreed in principal to a replacement commitment, pursuant to which TR Winston has agreed to purchase or affect the purchase by third parties of an additional $7.5 million in Series A 8% Convertible Preferred Stock, to be consummated no later than February 23, 2016, with all other terms substantially the same as those of the original commitment.
Purchase of additional preferred stock	15,000,000
Maturity period of purchase transaction	90 days
Agreement maturity date	22-Feb-15
Agreed purchase price	5,500,000
Heartland Bank [Member]
Liquidity [Textual]
Working Capital Deficit				6,390,000
Cash				1,330,000
Debenture outstanding				3,000,000
Debt interest rate				8.00%
Credit Agreement [Member]
Liquidity [Textual]
Debt instrument principal amount					3,000,000
Increase in principal amount					50,000,000
Asset Purchase Agreement [Member]
Liquidity [Textual]
Cash		5,500,000
Cost of drilling		$1,600,000
Purchase commitment, description		The Company entered into an Asset Purchase Agreement (the "APA") with an unaffiliated private seller to acquire non-operated leasehold working interests including interests in 53 producing wells and a 640 gross (499 net) acre block of undeveloped leasehold in the core area of the Wattenberg Field in Weld County, Colorado

Organization_Details

Organization (Details)	Mar. 31, 2015	Dec. 31, 2014
	acre	acre
Organization (Textual)
Area of land for crude oil and natural gas (In acres)	31,000	15,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies and Estimates (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	28,867,331	19,573,497
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	4,800,000	1,200,000
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	3,112,033
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	17,532,065	14,950,264
Convertible debentures [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	3,423,233	3,423,233

Summary_of_Significant_Account4

Summary of Significant Accounting Policies and Estimates (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Summary of Significant Accounting Policies and Estimate (Textual)
Percentage of discounted estimated future net revenues	10.00%
Impairment of Oil and Gas Properties	$5,462,012
Percentage of sale of proved reserves	25% or more.

Oil_and_Gas_Properties_Oil_and1

Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Oil and Gas Properties & Oil and Gas Properties Acquisitions and Divestitures (Textual)
Impairment Expense	$5,460,000
Depreciation, depletion and amortization for proved properties	244,000	389,000
Wells in progress	6,040,000		6,042	1,146	194
Accrued costs from wells in progress	5,730,000
Costs incurred development costs	516,000
Wells in progress description	The amount transferred to producing properties represents 12.5% of the total 25% interest owned by the Company. The remaining 12.5% ownership in the well is currently being accrued at $491,000 for the authorization for expenditure to drill the wells, since the remaining ownership is being disputed by the mineral owners. The Company purchased the rights from both royalty owners which claimed ownership of the mineral rights. The Company has secured its 12.5% ownership by paying both owners $100,000 (total $200,000). The payment was recorded as an asset to obtain the right to the minerals. By securing the interest with both interest owners, the Company's interest will remain at 25%.
Interest owned by company			12.50%
Remaining ownership interest	25.00%
Accrued liabilities			$491,000

Derivatives_Details_Textual

Derivatives (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Financial Instruments and Derivatives (Textual)
Realized gain on settlement of commodity swaps
Realized loss on oil price		$11,000
Through January 31, 2014 [Member]
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 $)	Mar. 31, 2015	Dec. 31, 2014
Liability
Executive employment agreement	($99)	($40)
Warrant liabilities	-499	-394
Convertible debentures conversion derivative liability	-1,361	-1,249
Total liability at fair value	-1,959	-1,683
Level 1 [Member]
Liability
Executive employment agreement
Warrant liabilities
Convertible debentures conversion derivative liability
Total liability at fair value
Level 2 [Member]
Liability
Executive employment agreement
Warrant liabilities
Convertible debentures conversion derivative liability
Total liability at fair value
Level 3 [Member]
Liability
Executive employment agreement	-99	-40
Warrant liabilities	-499	-394
Convertible debentures conversion derivative liability	-1,361	-1,249
Total liability at fair value	($1,959)	($1,683)

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2013
Summary of changes in fair value of Level 3 financial assets and liabilities
Balance at January 1, 2015	$1,683	$750,000
Additional liability	155
Change in fair value of liability	121
Balance at March 31, 2015	1,959	750,000
Conversion derivative liability [Member]
Summary of changes in fair value of Level 3 financial assets and liabilities
Balance at January 1, 2015	1,249	605,000
Additional liability
Change in fair value of liability	112
Balance at March 31, 2015	1,361	605,000
Bristol warrant liability [Member]
Summary of changes in fair value of Level 3 financial assets and liabilities
Balance at January 1, 2015	394
Additional liability	56
Change in fair value of liability	49
Balance at March 31, 2015	499
Incentive bonus [Member]
Summary of changes in fair value of Level 3 financial assets and liabilities
Balance at January 1, 2015	40	145,000
Additional liability	99
Change in fair value of liability	-40
Balance at March 31, 2015	$99	$145,000

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments (Details Textual) (USD $)	0 Months Ended		1 Months Ended			3 Months Ended	12 Months Ended	0 Months Ended
	Jan. 08, 2015	Sep. 02, 2014	30-May-14	Jan. 31, 2014	31-May-13	Mar. 31, 2015	Dec. 31, 2014	Mar. 06, 2015	Feb. 07, 2014	Dec. 31, 2013	Jun. 30, 2013	Jan. 31, 2013
Fair Value of Financial Instruments (Textual)
Exercise price of warrant	$2.50			$2.50			$2					$4.25
Stock price		$1.47		$2			$0.72		$3.35
Expected life		5 years					4 years 8 months 1 day
Volatility rate		91.15%			63.00%		96.78%
Risk free rate		1.69%			0.20%		1.10%
Debentures, convertible, conversion price (per share)						$2	$2			$4.25
Convertible debentures conversion shares, value				$9,000,000		$6,850,000	$6,840,000
Maximum principal amount											1,410,000
Warrants issued	225,000					225,000
Beneficial conversion feature			8,400,000			1,360,000	1,250,000
Convertible Debenture [Member]
Fair Value of Financial Instruments (Textual)
Stock price						$0.98	$0.72
Volatility rate						110.00%	70.00%
Convertible debentures conversion shares						3,423,233
Debentures, convertible, conversion price (per share)						$1.36	$1.25
Convertible debentures conversion shares, value						6,840,000
Derivative underlying description						Convertible at any time at the holders' option into shares of Common Stock at $2.00 per share, or 3,423,233 underlying conversion shares.
Consulting Agreement [Member]
Fair Value of Financial Instruments (Textual)
Warrants to purchase common stock		1,000,000
Options to purchase common shares		1,000,000
Exercise price of warrant		$2
Warrants/options issued						1,000,000
Stock price						$0.98
Exercise price						$2
Expected life						4 years 5 months 1 day
Volatility rate						104.50%
Risk free rate						1.25%
Total value of options/warrants						400,000
Change in fair value valuation of the derivative						6,000
Heartland Credit Agreement [Member]
Fair Value of Financial Instruments (Textual)
Stock price	$0.72					$0.98
Exercise price	$2.50					$2.50
Expected life	5 years					4 years 9 months 7 days
Volatility rate	97.10%					106.90%
Risk free rate	1.50%					1.31%
Total value of options/warrants	56,000					99,000
Change in fair value valuation of the derivative						43,000
Secured term loan	3,000,000		19,830,000
Maximum principal amount	50,000,000	15,060,000
Term of note	3 years
Warrants issued	75,000					225,000
Description of exercise price	115% of the 10-day volume weighted average price ("VWAP") prior to closing.
Present value of conversion feature, Description						Present value of conversion feature $0.40 per convertible share.	Present value of conversion feature $0.47 per convertible share.
Abraham Mirman [Member]
Fair Value of Financial Instruments (Textual)
Description of employment agreement						Cash bonus payment to Mr. Mirman of up to 3.0 times his base salary.
Accrued compensation							40,000
Incentive bonus liability						27,000
Kevin Nanke [Member]
Fair Value of Financial Instruments (Textual)
Incentive bonus liability								29,000
Performance bonus								$100,000

Loan_Agreements_Details

Loan Agreements (Details) (USD $)	Jan. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total debt, net of discount	$15,600,000
Heartland Term Loan [Member]
Debt Instrument [Line Items]
Total		3,000,000		18,774
Unamortized debt discount		-52,000
Total debt, net of discount		2,948,000
Less: amount due within one year		-500,000
Long-term debt due after one year		2,448,000
8% Convertible Debentures [Member]
Debt Instrument [Line Items]
Total		$6,846,000	$6,846	$15,580

Loan_Agreements_Details_Textua

Loan Agreements (Details Textual) (USD $)	0 Months Ended			1 Months Ended			3 Months Ended		12 Months Ended	33 Months Ended
	Jan. 08, 2015	Sep. 02, 2014	Feb. 07, 2014	30-May-14	Jan. 31, 2014	31-May-13	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Oct. 31, 2013	Dec. 31, 2013	Jun. 30, 2013	Jan. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
							acre		acre
Loan Agreements (Textual)
Aggregate outstanding loans												$1,410,000
Monthly payments with interest and payment									225,000
Outstanding debentures									6,840		855,536			2,812,821
Interest expense							221,610	1,211,472
Additional shares issued									9,348,213
Area of net acres							31,000		15,000
Preferred stock par value							$0.00		$0.00
Preferred Stock, Redemption Amount							1,640,216		1,686,102
Redeemable preferred stock dividend payable									1,690,000
Loss on conveyance of property									2,270,000
Conversion price per share							$2		$2		$4.25
Convertible per share present value									$0.47
Conversion of debt, Amount					9,000,000		6,850,000		6,840,000
Fair value of conversion feature				8,400,000			1,360,000		1,250,000
Volatility									70.00%
Stock price		$1.47	$3.35		$2				$0.72
Warrants exercise price, per share	$2.50				$2.50				$2				$4.25
Expected life		5 years							4 years 8 months 1 day
Volatility rate		91.15%				63.00%			96.78%
Inducement expense								6,661,275
Investment banker compensation									686,000
Stock issued during period, Shares		1,000,000	90,000		90,000
Stock issued during period, Value			302,000
Convertible debentures, Shares									1,396,129
Convertible debentures, Value									1,190,000
Transfer from derivative liability to equity									4,882,815
Non-cash interest expense							172,000	1,050,000
Notes payable											18,800,000
Preferred stock redemption, probability rate									50.00%
Maximum principal amount												1,410,000
Warrants issued	225,000						225,000
Maximum [Member]
Loan Agreements (Textual)
Conversion price per share															$9.40
Preferred stock redemption, probability rate									17.29%
Minimum [Member]
Loan Agreements (Textual)
Conversion price per share															$4.25
Preferred stock redemption, probability rate									13.91%
8% Convertible Debentures [Member]
Loan Agreements (Textual)
Debentures issued										15,600,000
Conversion price per share					$2
Conversion of debt, Amount					9,000,000
Debt Instrument, Periodic Payment, Interest					8,730
Debt Instrument, Periodic Payment, Principal					270,000
8% Convertible Debentures [Member] | Warrant [Member]
Loan Agreements (Textual)
Conversion price per share					$2.50
Conversion Agreement [Member]
Loan Agreements (Textual)
Conversion price per share					$2
Conversion of debt, Amount					9,000,000
Debt conversion outstanding					15,600,000
Stock price					$3.05				$3.05
Warrants exercise price, per share					$2.50
Expected life					3 years
Risk free rate					0.20%
Volatility rate					65.00%
Inducement expense									6,661,275
Investment banker compensation							686,000
Heartland Credit Agreement [Member]
Loan Agreements (Textual)
Aggregate outstanding loans	50,000,000	15,060,000
Redeemable preferred stock issued, shares		2,000
Repayments of debt				5,000,000
Secured term loan in original principal amount	3,000,000			19,830,000
Reducing amount of debt under the term loan				14,830,000
Unsecured note, term	3 years
Area of net acres		32,000
Carrying value of wells reserves		16,620,000
Asset retirement obligations of wells		973,000
Number of active wells		17
Redeemable preferred stock percentage		6.00%
Preferred stock par value		$0.00
Preferred Stock, Redemption Amount		1,000
Stock price	$0.72						$0.98
Expected life	5 years						4 years 9 months 7 days
Volatility rate	97.10%						106.90%
Secured term loan	3,000,000			19,830,000
Maximum principal amount	50,000,000	15,060,000
Warrants issued	75,000						225,000
Debt instrument, term	3 years
Debt discount	56,000
Heartland Credit Agreement [Member] | Unsecured Debt [Member]
Loan Agreements (Textual)
Aggregate outstanding loans				6,000,000
Monthly payments with interest and payment				90,000
Interest rate on debentures				8.00%
Unsecured note, term	5 years			2 years
Unregistered common stock				943,208
Additional principal in replacement note				1,000,000
Additional shares issued				1,000,000
Warrants exercise price, per share	$2.50
Maximum principal amount				6,000,000
Warrants issued	75,000
Debt instrument, term	5 years			2 years
Warrants to purchase common stock	225,000
Nonrefundable commitment fee	75,000
Heartland Credit Agreement [Member] | Second Cash Payment [Member]
Loan Agreements (Textual)
Repayments of debt				$5,000,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	1 Months Ended
	Nov. 30, 2012
Commitments and Contingencies (Textual)
Claim for breach of contract	$6,981,302.60

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	0 Months Ended		1 Months Ended	3 Months Ended		0 Months Ended
	Sep. 02, 2014	Jun. 06, 2014	30-May-14	Mar. 31, 2015	Mar. 31, 2014	Mar. 20, 2014
Related Party Transactions (Textual)
Debt interest rate		8.00%
Proceeds from preferred stock	$2,000	$7,500,000	$7,500,000
Related party expense				75,000	25,000
TR Winston [Member]
Related Party Transactions (Textual)
Ownership interest in common stock				5.00%
Additional preferred stock purchase by third parties value		15,000,000
Maturity period of purchase transaction		90 days
Debt interest rate		8.00%
Proceeds from preferred stock		7,500,000
Ronald D. Ormand [Member]
Related Party Transactions (Textual)
Management fee						$25,000

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2013	Mar. 31, 2015
Summary of warrant activity
Warrants issued	200,000
Warrant [Member]
Summary of warrant activity
Outstanding Beginning		17,007,065
Exercised, forfeited, or expired
Outstanding Ending		17,532,065
Weighted Average Exercise Price, Outstanding Beginning		$3.59
Weighted Average Exercise Price, Exercised, forfeited, or expired
Weighted Average Exercise Price, Outstanding Ending		$3.56
Warrant [Member] | Heartland Bank [Member]
Summary of warrant activity
Warrants issued		225,000
Weighted Average Exercise Price, Issued		2.5
Warrant [Member] | Consultants [Member]
Summary of warrant activity
Warrants issued		300,000
Weighted Average Exercise Price, Issued		2.5

Shareholders_Equity_Details_Te

Shareholders' Equity (Details Textual) (USD $)	0 Months Ended		1 Months Ended				3 Months Ended		12 Months Ended	1 Months Ended
	Sep. 02, 2014	Feb. 07, 2014	30-May-14	Jan. 31, 2014	31-May-13	Jan. 31, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Aug. 31, 2014	Jan. 08, 2015	Jun. 06, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Series A Preferred Stock, shares issued							7,500		7,500
Debentures interest rate, Percentage													8.00%
Warrants exercise price, per share				$2.50		$4.25			$2			$2.50
Purchase of common stock warrant					900,000
Series A Preferred stock, par value							$0.00		$0.00
Fair value of warrants							$48,962
Volatility rate	91.15%				63.00%				96.78%
Expected life	5 years								4 years 8 months 1 day
Risk free rate	1.69%				0.20%				1.10%
Beneficial conversion feature			8,400,000				1,360,000		1,250,000
Dividend on preferred stock							180,000
Preferred Stock, Shares Authorized							10,000,000		10,000,000
Stock issued during period, Shares	1,000,000	90,000		90,000
Share price	$1.47	$3.35		$2					$0.72
Warrants issued, shares	1,000,000			350,000		200,000	300,000		1,000,000
Aggregate intrinsic value, outstanding							0		0
Warrants expenses							204,000	643,000	103,000
Cumulative dividend							30,000
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of warrants				1,680,000
Volatility rate									91.00%
Expected life				3 years					5 years
Risk free rate				65.00%					1.00%
Beneficial conversion feature			1,600,000
Share price							$0.72		$2.33
Warrants issued, shares									250,000
Aggregate intrinsic value, outstanding									0
Weighted average remaining contractual term							1 year 5 months 19 days		1 year 8 months 16 days
Series A 8% Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Series A Preferred Stock, shares issued			7,500
Debentures interest rate, Percentage			8.00%
Warrants exercise price, per share			$2.89
Purchase of common stock warrant			1,556,017
Aggregate value of warrants issued			7,500,000
Series A Preferred stock, par value			$0.00
Deemed value of beneficial conversion feature			2,210,000
Fair value of warrants			1,350,000
Beneficial conversion feature			2,210,000
Dividend on preferred stock							150,000
Convertible preferred stock, Description			The Series A Preferred Stock is convertible at any time at the option of the holders, or at the Company's discretion when the Common Stock trades above $7.50 for ten consecutive days with a daily dollar trading volume above $300,000.
Series A 8% Convertible Preferred Stock [Member] | Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants exercise price, per share			$2.89
Gross proceeds from preferred stock			6,790,000
Volatility rate			70.00%
Expected life			3 years
Risk free rate			0.20%
Beneficial conversion feature			6,800,000
Conditionally Redeemable 6% Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of warrants							46,000
Gross proceeds from preferred stock							50,000,000
Preferred Stock, Shares Authorized											2,000
Stock issued during period, Shares										2,000
Redeemable preferred stock percentage											6.00%
Convertible preferred stock, Description							These thresholds include, the Company's annualized gross production average for 90 consecutive days at 2,500 BOE per day or higher or the Company's PV-10 value of its producing developed properties filed with the Securities and Exchange Commission exceeds $50 million.
Outstanding redeemable preferred stock value							$1,640		$1,690,000

Share_Based_and_Other_Compensa2

Share Based and Other Compensation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$613		$294
Unamortized stock-based compensation costs	1,864
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	555		224
Unamortized stock-based compensation costs	1,789
Weighted average amortization period remaining*	8 years 3 months 4 days	[1]
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	58		70
Unamortized stock-based compensation costs	$75
Weighted average amortization period remaining*	1 year 26 days	[1]
[1]	Only includes directors and employees which the options vest over time instead of performance criteria which the performance criteria has not been met as of March 31, 2015.

Share_Based_and_Other_Compensa3

Share Based and Other Compensation (Details 1) (Restricted Stock [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock [Member]
Summary of restricted stock grant activity
Outstanding Beginning	1,630,667
Granted	284,188
Forfeited	-100,000
Outstanding Ending	1,814,855
Weighted Average Grant Date Price
Weighted Average Exercise Price, Outstanding Beginning	$2.44	$2.30	$2.44
Granted	$0.97
Forfeited	$2.45
Weighted Average Exercise Price, Outstanding Ending	$2.21	$2.30	$2.44

Share_Based_and_Other_Compensa4

Share Based and Other Compensation (Details 2) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended
	Sep. 02, 2014	Jan. 31, 2014	Mar. 31, 2015	Dec. 31, 2013
Number of Options
Granted	2	2,959,125
Stock Option [Member]
Number of Options
Outstanding Beginning			3,583,333
Granted			3,450,000
Forfeited			-2,233,333
Outstanding Ending			4,800,000
Weighte Average Exercise Price
Weighted Average Exercise Price, Outstanding Beginning			$2.16	$2.02
Granted			$1.11
Forfeited			($2.45)
Weighted Average Exercise Price, Outstanding Ending			$1.40	$2.02
Stock Options Outstanding and Exercisable Number of Options Vested/ Exercisable
Outstanding			1,323,333
Granted			766,667
Forfeited or cancelled			-233,333
Outstanding			1,916,667
Stock Options Outstanding and Exercisable Weighted Average Remaining Contractual Life (Years)
Outstanding			4 years 2 months 27 days
Granted			1 year 1 month 10 days
Outstanding			3 years 8 months 23 days

Share_Based_and_Other_Compensa5

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

0 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Sep. 02, 2014

Feb. 07, 2014

Jan. 31, 2014

31-May-13

Mar. 31, 2015

Dec. 31, 2014

Oct. 31, 2013

Apr. 15, 2014

31-May-14

Apr. 30, 2014

Apr. 30, 2014

Aug. 01, 2014

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2013

Nov. 13, 2013

Jun. 27, 2013

Share Based and Other Compensation (Textual)

Unrecognized non cash compensation expense

$77,000,000

77,000,000

Unrecognized non cash compensation, shares

74,166

Recognized over a weighted-average remaining service period

1 year 26 days

Amortized relating to contracts

555,000,000

555,000,000

95,000,000

Share price

$1.47

$3.35

$2

$0.72

Volatility rate

91.15%

63.00%

96.78%

Total fair value

965,000

260,000

394,000

Stock issued during period, Shares

1,000,000

90,000

90,000

Stock issued during period, Value

302,000

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

2

2,959,125

Remaining shares issued

1,426,917

Maximum [Member]

Share Based and Other Compensation (Textual)

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

3,000,000

3,000,000

Minimum [Member]

Share Based and Other Compensation (Textual)

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

1,000,000

1,000,000

Employees and Directors [Member]

Share Based and Other Compensation (Textual)

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

300,854

W. Phillip Marcum

Share Based and Other Compensation (Textual)

Unvested option

200,000

Unvested option value

70,000

Vested option reissued, Value

420,000

Vested option reissued, Shares

200,000

Share price

$3.50

Strike price

$1.60

Volatility rate

65.00%

Total fair value

420,000

Mr. Mirman [Member] | Share Price One [Member]

Share Based and Other Compensation (Textual)

Share price

$7.50

Mr. Mirman [Member] | Share Price Two [Member]

Share Based and Other Compensation (Textual)

Share price

$10

Mr. Mirman [Member] | Share Price Three [Member]

Share Based and Other Compensation (Textual)

Share price

$12.50

Independent Directors [Member]

Share Based and Other Compensation (Textual)

Compensation expense

200,000

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

600,000

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

$2.05

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

3 years

Share Based Compensation Share Based Payment Award Options Grants In Period Fair Value

640,000

Independent Directors One [Member]

Share Based and Other Compensation (Textual)

Restricted common stock and stock options forfeited

93,750

Restricted common stock and stock options forfeited, Value

150,000

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

200,000

Share Based Compensation By Director Shares

31,250

Independent Directors Two [Member]

Share Based and Other Compensation (Textual)

Restricted common stock and stock options forfeited

867,000

Restricted common stock and stock options forfeited, Value

1,500,000

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

200,000

Share Based Compensation By Director Shares

650,000

Independent Directors Three [Member]

Share Based and Other Compensation (Textual)

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

200,000

Separation Agreement [Member] | A .Bradley Gabbard [Member]

Share Based and Other Compensation (Textual)

Unvested option forfeited, Shares

200,000

Unvested option forfeited, Value

70,000

Unvested common stock, Shares

52,084

Unvested common stock, Value

59,000

Separation Agreement [Member] | A .Bradley Gabbard [Member] | Subsequent Event [Member]

Share Based and Other Compensation (Textual)

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

93,780

Separation Agreement [Member] | W. Phillip Marcum

Share Based and Other Compensation (Textual)

Payroll gross amount

220,000

220,000

Accrued salaries

150,000

150,000

Restricted common stock and stock options forfeited

93,750

Separation Agreement [Member] | W. Phillip Marcum | Subsequent Event [Member]

Share Based and Other Compensation (Textual)

Accrued salaries

150,000

150,000

Unvested option forfeited, Shares

93,750

Separation Agreement [Member] | Robert A. Bell [Member]

Share Based and Other Compensation (Textual)

Stock issued during period, Shares

33,333

Stock issued during period, Value

$100,000

Employment Agreement [Member] | Subsequent Event [Member]

Share Based and Other Compensation (Textual)

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

300,000

Equity Incentive Plan [Member] | Maximum [Member]

Share Based and Other Compensation (Textual)

Increase number of common shares available for grant under the EIP

6,800,000

1,800,000

Equity Incentive Plan [Member] | Minimum [Member]

Share Based and Other Compensation (Textual)

Increase number of common shares available for grant under the EIP

1,800,000

900,000

Restricted Stock [Member]

Share Based and Other Compensation (Textual)

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

284,188

Forfeited

-100,000

Purchase common shares outstanding to employees and directors

1,814,855

1,630,667

1,814,855

Stock Option [Member]

Share Based and Other Compensation (Textual)

Forfeited

-2,233,333

Purchase common shares outstanding to employees and directors

4,800,000

3,583,333

4,800,000

Recognized over a weighted-average remaining service period

2 years 5 months 19 days

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

3,450,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

3 years 8 months 23 days

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	12 Months Ended	0 Months Ended	1 Months Ended
	Dec. 31, 2014	Apr. 16, 2015	Apr. 30, 2015
			Well
			acre
Subsequent Event (Textual)
Issuance of company's shares of common stock	9,348,213
Subsequent Event [Member]
Subsequent Event (Textual)
Number of gas and oil productive wells			53
Gas and oil area, Undeveloped, Gross			640
Gas and oil area, Undeveloped, Net			499
Payments to acquire non-operated leasehold			$5,500,000
Cost of exploration costs			1,600,000
Purchase price			5,500,000
Issuance of company's shares of common stock		100,000
Annual stock award		60,000
Retainer fee		60,000
Stock option vested award		250,000
Stock option vested award, Installments		200,000
Subsequent Event [Member] | Chairman of the Board [Member]
Subsequent Event (Textual)
Committee fees		12,500
Subsequent Event [Member] | Chairman of Audit Committee [Member]
Subsequent Event (Textual)
Committee fees		6,250
Subsequent Event [Member] | Director [Member]
Subsequent Event (Textual)
Committee fees		$6,250