Sow Good (SOWG) 10-K 30 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 26, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	Black Ridge Oil & Gas, Inc.
Entity Central Index Key	1490161
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$27,172,118
Entity Common Stock, Shares Outstanding		47,979,990
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$94,682	$1,150,347
Derivative instruments	3,571,803	0
Accounts receivable	5,740,171	1,905,467
Advances to operators	0	1,214,662
Prepaid expenses	41,387	26,142
Total current assets	9,448,043	4,296,618
Oil and natural gas properties, full cost method of accounting
Proved properties	112,418,105	79,361,432
Unproved properties	591,121	2,798,795
Other property and equipment	139,004	115,482
Total property and equipment	113,148,230	82,275,709
Less, accumulated depreciation, amortization, depletion and allowance for impairment	-18,902,524	-9,513,434
Total property and equipment, net	94,245,706	72,762,275
Derivative instruments	4,007,942	0
Debt issuance costs, net	701,019	772,883
Total assets	108,402,710	77,831,776
Current liabilities:
Accounts payable	10,291,262	8,453,709
Accrued expenses	57,435	4,813
Derivative instruments	0	139,065
Total current liabilities	10,348,697	8,597,587
Derivative instruments	0	74,611
Asset retirement obligations	286,804	160,665
Revolving credit facility and long term debt, net of discounts of $2,072,483 and $2,645,582, respectively	51,834,603	30,556,301
Deferred tax liability	6,593,040	4,033,845
Total liabilities	69,063,144	43,423,009
Commitments and contingencies (See note 14)	0	0
Stockholders' equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized, 47,979,990 shares issued and outstanding	47,980	47,980
Additional paid-in capital	33,651,714	33,072,795
Retained earnings	5,639,872	1,287,992
Total stockholders' equity	39,339,566	34,408,767
Total liabilities and stockholders' equity	$108,402,710	$77,831,776

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current liabilities:
Long term debt, net of discounts	$2,072,483	$2,645,582
Stockholders' equity:
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	47,979,990	47,979,990
Common stock, shares outstanding	47,979,990	47,979,990

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Oil and gas sales	$21,102,823	$9,276,656
Gain on settled derivatives	511,451	53,482
Gain (loss) on the mark-to-market of derivatives	7,793,421	-213,676
Total revenues	29,407,695	9,116,462
Operating expenses:
Production expenses	2,705,763	1,145,686
Production taxes	2,203,501	1,015,907
General and administrative	2,891,641	2,299,757
Depletion of oil and gas properties	9,359,952	3,705,156
Accretion of discount on asset retirement obligations	22,361	9,019
Depreciation and amortization	29,138	24,001
Total operating expenses	17,212,356	8,199,526
Net operating income	12,195,339	916,936
Other income (expense):
Interest income	972	408
Interest (expense)	-5,285,236	-2,380,359
Settlement income	0	380,982
Settlement expense	0	-19,477
Total other income (expense)	-5,284,264	-2,018,446
Income (loss) before provision for income taxes	6,911,075	-1,101,510
Provision for income taxes	-2,559,195	698,851
Net income (loss)	$4,351,880	($402,659)
Weighted average common shares outstanding - basic	47,979,990	47,979,990
Weighted average common shares outstanding - fully diluted	49,179,725	47,979,990
Net income (loss) per common share - basic	$0.09	($0.01)
Net income (loss) per common share - fully diluted	$0.09	($0.01)

STATEMENTS_OF_STOCKHOLDERS_EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated (Deficit)	Total
Beginning Balance, amount at Dec. 31, 2012	$0	$47,980	$29,847,212	$1,690,651	$31,585,843
Beginning Balance, shares at Dec. 31, 2012	0	47,979,990
Common stock warrants granted as financing costs presented as a debt discount			2,473,576		2,473,576
Common stock warrants granted as financing costs			108,190		108,190
Common stock options granted for services to employees			643,817		643,817
Net income (loss)				-402,659	-402,659
Ending Balance, amount at Dec. 31, 2013	0	47,980	33,072,795	1,287,992	34,408,767
Ending Balance, shares at Dec. 31, 2013	0	47,979,990
Common stock options granted for services to employees			578,919		578,919
Net income (loss)				4,351,880	4,351,880
Ending Balance, amount at Dec. 31, 2014	$0	$47,980	$33,651,714	$5,639,872	$39,339,566
Ending Balance, shares at Dec. 31, 2014	0	47,979,990

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$4,351,880	($402,659)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion of oil and gas properties	9,359,952	3,705,156
Depreciation and amortization	29,138	24,001
Amortization of debt issuance costs	326,258	749,920
Accretion of discount on asset retirement obligations	22,361	9,019
Loss (gain) on the mark-to-market of derivatives	-7,793,421	213,676
Accrued payment in kind interest applied to long term debt	1,105,203	201,883
Amortization of original issue discount on debt	144,904	28,362
Amortization of debt discounts, warrants	628,195	199,632
Common stock warrants granted as financing costs	0	108,190
Common stock options issued to employees and directors	578,919	643,817
Deferred income taxes	2,559,195	-698,851
Decrease (increase) in current assets:
Accounts receivable	-2,834,704	-1,049,234
Settlement receivable	0	2,500,000
Prepaid expenses	-15,245	21,013
Increase (decrease) in current liabilities:
Accounts payable	426,558	164,527
Settlement payable	0	-160,000
Settlement payable, related parties	0	-116,234
Accrued expenses	52,622	-56,853
Net cash provided by operating activities	8,941,815	6,085,365
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale or swap of oil and gas properties	1,441,929	608,387
Purchases of oil and gas properties and development capital expenditures	-24,739,407	-32,025,724
Advances to operators	-5,822,086	-882,604
Purchases of other property and equipment	-23,522	-38,472
Net cash used in investing activities	-29,143,086	-32,338,413
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving credit facilities and long term debt	29,800,000	41,150,000
Repayments on revolving credit facilities	-10,400,000	-14,298,844
Debt issuance costs	-254,394	-865,101
Net cash provided by financing activities	19,145,606	25,986,055
NET CHANGE IN CASH	-1,055,665	-266,993
CASH AT BEGINNING OF PERIOD	1,150,347	1,417,340
CASH AT END OF PERIOD	94,682	1,150,347
SUPPLEMENTAL INFORMATION:
Interest paid	3,401,028	1,104,688
Income taxes paid	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net change in accounts payable for purchase of oil and gas properties	1,410,995	5,335,656
Advances to operators received in swap for oil and gas properties	0	-1,200,000
Advances to operators applied to purchase of oil and gas properties	6,036,748	2,218,237
Advances to operators reclassified to accounts receivable	1,000,000	0
Capitalized asset retirement costs, net of revision in estimate	103,778	84,501
Fair value of detachable warrants granted in consideration of debt financing	$0	$2,473,576

1_Organization_and_Nature_of_B

1. Organization and Nature of Business	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 1 - Organization and Nature of Business	Effective April 2, 2012, Ante5, Inc. changed its corporate name to Black Ridge Oil & Gas, Inc., and continues to trade its common stock on the OTCQB under the trading symbol “ANFC”. Black Ridge Oil & Gas, Inc. (Formerly Ante5, Inc.) (the “Company”) became an independent company in April 2010 when the spin-off from our former parent company, Ante4, Inc. (now Emerald Oil, Inc. and also formerly known as Voyager Oil & Gas, Inc.), became effective. We became a publicly traded company when our shares began trading on July 1, 2010. Since October 2010, we have been engaged in the business of acquiring oil and gas leases and participating in the drilling of wells in the Bakken and Three Forks trends in North Dakota and Montana. Our strategy is to participate in the exploration, development and production of oil and gas reserves as a non-operating working interest owner in a growing, diversified portfolio of oil and gas wells. We aggressively seek to accumulate mineral leases to position us to participate in the drilling of new wells on a continuous basis. Occasionally we also purchase working interests in producing wells.
	The Company’s focus is the acquisition, exploration, development and production of crude oil and natural gas properties, primarily in the Bakken and Three Forks trends in North Dakota and Montana. We believe that our prospective success revolves around our ability to acquire mineral rights and participate in drilling activities by virtue of our ownership of such rights and through the relationships we have developed with our operating partners.
	As a non-operating working interest partner, we participate in drilling activities primarily on a heads-up basis. Before a well is spud, an operator is required to offer all mineral lease owners in the designated well spacing unit the right to participate in the drilling and production of the well. Drilling costs and revenues from oil and gas sales are split pro-rata based on acreage ownership in the designated drilling unit. We rely on our operator partners to identify specific drilling sites, permit, and engage in the drilling process. As a non-operator we are focused on maintaining a low overhead structure.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Note 2 - Summary of Significant Accounting Policies	Basis of Accounting
	Our financial statements are prepared using the accrual method of accounting as generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC).
	Segment Reporting
	FASB ASC 280-10-50 requires annual and interim reporting for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and expenses, and about which separate financial information is regularly evaluated by the chief operating decision maker in deciding how to allocate resources. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Environmental Liabilities
	The oil and gas industry is subject, by its nature, to environmental hazards and clean-up costs. At this time, management knows of no substantial losses from environmental accidents or events which would have a material effect on the Company.
	Cash and Cash Equivalents
	Cash equivalents include money market accounts which have maturities of three months or less. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Cash equivalents are stated at cost plus accrued interest, which approximates market value. Cash and cash equivalents consist of the following:
			December 31,
			2014		2013
	Cash		$	94,682	$	1,112,356
	Money market funds			–		37,991
	Total		$	94,682	$	1,150,347
	Cash in Excess of FDIC and SIPC Insured Limits
	The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) and the Securities Investor Protection Corporation (SIPC) up to $250,000 and $500,000, respectively, under current regulations. The Company had approximately $-0- and $862,356 in excess of FDIC and SIPC insured limits at December 31, 2014 and 2013, respectively. The Company has not experienced any losses in such accounts.
	Advances to Operators
	The Company participates in the drilling of crude oil and natural gas wells with other working interest partners. Due to the capital intensive nature of crude oil and natural gas drilling activities, the working interest partner responsible for conducting the drilling operations may request advance payments from other working interest partners for their share of the costs. The Company expects such advances to be applied by working interest partners against joint interest billings for its share of the drilling operations within 120 days from when the advance is paid.
	Debt Issuance Costs
	Costs relating to obtaining certain debts are capitalized and amortized over the term of the related debt using the straight-line method, which approximates the effective interest method. The Company paid $254,394 and $865,101 of debt issuance costs during the years ended December 31, 2014 and 2013, respectively, of which the unamortized balance of debt issuance costs at December 31, 2014 and 2013 was $701,019 and $772,883, respectively. Amortization of debt issuance costs charged to interest expense was $326,258 and $749,920 for the years ended December 31, 2014 and 2013, respectively. When a loan is paid in full, any unamortized financing costs are removed from the related accounts and charged to interest expense.
	Website Development Costs
	The Company accounts for website development costs in accordance with ASC 350-50, “Accounting for Website Development Costs” (“ASC 350-50”), wherein website development costs are segregated into three activities:
		1)	Initial stage (planning), whereby the related costs are expensed.
		2)	Development (web application, infrastructure, graphics), whereby the related costs are capitalized and amortized once the website is ready for use. Costs for development content of the website may be expensed or capitalized depending on the circumstances of the expenditures.
		3)	Post-implementation (after site is up and running: security, training, admin), whereby the related costs are expensed as incurred. Upgrades are usually expensed, unless they add additional functionality.
	We have capitalized a total of $56,660 of website development costs from inception through December 31, 2014. We have recognized depreciation expense on these website costs of $15,380 and $18,887 for the years ended December 31, 2014 and 2013, respectively.
	Income Taxes
	The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.
	Fair Value of Financial Instruments
	Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company had no items that required fair value measurement on a recurring basis.
	Non-Oil & Gas Property and Equipment
	Property and equipment that are not oil and gas properties are recorded at cost and depreciated using the straight-line method over their estimated useful lives of three to seven years. Expenditures for replacements, renewals, and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Long-lived assets, other than oil and gas properties, are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The Company has not recognized any impairment losses on non-oil and gas long-lived assets. Depreciation expense was $29,138 and $24,001 for the years ended December 31, 2014 and 2013, respectively.
	Revenue Recognition
	The Company recognizes oil and gas revenues from its interests in producing wells when production is delivered to, and title has transferred to, the purchaser and to the extent the selling price is reasonably determinable. The Company uses the sales method of accounting for gas balancing of gas production and would recognize a liability if the existing proven reserves were not adequate to cover the current imbalance situation.
	Asset Retirement Obligations
	The Company records the fair value of a liability for an asset retirement obligation in the period in which the well is spud or the asset is acquired and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.
	Full Cost Method
	The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration and development of oil and gas properties are initially capitalized into a single cost center ("full cost pool"). Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to the production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Capitalized costs are summarized as follows for the years ended December 31, 2014 and 2013, respectively:
			Years Ended December 31,
			2014		2013
	Capitalized Certain Payroll and Other Internal Costs		$	61,861	$	137,509
	Capitalized Interest Costs			372,673		–
	Total		$	434,534	$	137,509
	Proceeds from property sales will generally be credited to the full cost pool, 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 20% or more of the proved reserves related to a single full cost pool. During the year ended December 31, 2014, the Company sold approximately 502 net acres and rights to individual well bores for total proceeds of $1,441,929. During the year ended December 31, 2013, the Company sold approximately 189 net acres for total proceeds of $608,387. The Company assesses all items classified as unevaluated property on a quarterly basis for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization.
	Capitalized costs associated with impaired properties and properties having proved reserves, estimated future development costs, and asset retirement costs under FASB ASC 410-20-25 are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves as determined by independent petroleum engineers. The costs of unproved properties are withheld from the depletion base until such time as they are either developed or abandoned.
	Capitalized costs of oil and gas properties (net of related deferred income taxes) may not exceed an amount equal to the present value, discounted at 10% per annum, of the estimated future net cash flows from proved oil and gas reserves plus the cost of unproved properties (adjusted for related income tax effects). Should capitalized costs exceed this ceiling, impairment is recognized. The present value of estimated future net cash flows is computed by applying the arithmetic average first day price of oil and natural gas for the preceding twelve months to estimated future production of proved oil and gas reserves as of the end of the period, less estimated future expenditures to be incurred in developing and producing the proved reserves and assuming continuation of existing economic conditions. Such present value of proved reserves' future net cash flows excludes future cash outflows associated with settling asset retirement obligations. Should this comparison indicate an excess carrying value, the excess is charged to earnings as an impairment expense. We recognized no impairment costs during the years ended December 31, 2014 and 2013, respectively.
	Concentrations
	Our revenue is solely derived from oil and gas sales to various purchasers, the market for which has very inelastic demand. Due to this, we do not consider any purchasers to represent a material concentration to our sales for the years ended December 31, 2014 or 2013, as we believe any of our customers could easily be replaced.
	Since we do not operate any of our wells, we depend on our drilling partner operators to perform the drilling and other operating activities required for all sales of oil and gas. These operators are also responsible for remitting to us our revenue proceeds and billing us for drilling costs and lease operating expenses incurred. We had material concentrations of accounts receivable owed from four (4) and four (4) operators during the years ended December 31, 2014 and 2013, respectively, representing 56% and 60% of total oil and gas revenues and 36% and 41% of total oil and gas accounts receivable as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, we had 7.88 and 4.87 net producing wells, respectively. As of December 31, 2014 and 2013, these operating partners operated 38% and 37% of the net producing wells, respectively.
	Basic and Diluted Loss Per Share
	Basic earnings per share (“EPS”) are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants and restricted stock. The number of potential common shares outstanding relating to stock options, warrants and restricted stock is computed using the treasury stock method.
	The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the years ended December 31, 2014 and 2013 are as follows:
			Years Ended December 31,
			2014		2013
	Weighted average common shares outstanding – basic			47,979,990		47,979,990
	Plus: Potentially dilutive common shares:
	Stock options and warrants			1,199,735		–
	Weighted average common shares outstanding – diluted			49,179,725		47,979,990
	Stock options and warrants excluded from the calculation of diluted EPS because their effect was anti-dilutive were 13,683,209 and 16,103,209 as of December 31, 2014 and 2013, respectively.
	Stock-Based Compensation
	The Company adopted FASB guidance on stock based compensation upon inception at April 9, 2010. Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, are to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. Amortization of the fair values of stock options issued for services and compensation totaled $578,919 and $643,817 for the years ended December 31, 2014 and 2013, respectively. The fair values of stock options were determined using the Black-Scholes options pricing model and an effective term of 6 to 6.5 years based on the weighted average of the vesting periods and the stated term of the option grants and the discount rate on 5 to 7 year U.S. Treasury securities at the grant date and are being amortized over the related implied service term, or vesting period.
	Uncertain Tax Positions
	Effective upon inception at April 9, 2010, the Company adopted new standards for accounting for uncertainty in income taxes. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
Various taxing authorities can periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.
The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
Recent Accounting Pronouncements
Various accounting standards and interpretations were issued in 2014 with effective dates subsequent to December 31, 2014. We have evaluated the recently issued accounting pronouncements that are effective in 2015 and believe that none of them will have a material effect on our financial position, results of operations or cash flows when adopted.
Further, we are monitoring the joint standard-setting efforts of the Financial Accounting Standards Board and the International Accounting Standards Board. There are a large number of pending accounting standards that are being targeted for completion in 2014 and beyond, including, but not limited to, standards relating to revenue recognition, accounting for leases, fair value measurements, accounting for financial instruments, disclosure of loss contingencies and financial statement presentation. Because these pending standards have not yet been finalized, at this time we are not able to determine the potential future impact that these standards will have, if any, on our financial position, results of operations or cash flows.

3_Acquisition

3. Acquisition	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Note 3 - Acquisition	On December 13, 2013, the Company acquired oil and natural gas properties from CP Exploration, LP (“CPX”) for approximately $20.6 million, net of purchase price adjustments (“the CPX Acquisition”). The properties acquired in the CPX Acquisition are comprised of leasehold interests in approximately 2,040 net mineral acres in the Williston Basin of North Dakota and interests in 43 gross (0.92 net) producing wells on the acquired leases.
	The Company completed its valuation of the properties acquired in the CPX Acquisition which is summarized as follows:
	Purchase price of Acquired Properties	$	20,680,032
	Allocation of Purchase Price
	Proved Oil and Gas Properties	$	20,517,903
	Unproved Oil and gas Properties		195,780
	Total fair value of oil and gas properties		20,713,683
	Asset retirement obligations (1)		(33,651	)
	Fair value of net assets acquired	$	20,680,032
	(1)  The estimated fair value of the acquired asset retirement obligation was determined using the Company’s credit adjusted risk-free rate.
	The following unaudited pro forma combined results of operations for the years ended December 31, 2014 and 2013 are presented as though the CPX Acquisition had been completed as of January 1, 2013. The pro forma combined results of operations for the years ended December 31, 2014 and 2013 have been prepared by adjusting the historical results of the Company to include the historical results of the properties acquired in the CPX Acquisition. The supplemental pro forma results of operations are provided for illustrative purposes only and not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented. The pro forma results of operations do not include any cost savings or other synergies that resulted from the CPX Acquisition or any estimated costs incurred to integrate the CPX Acquisition assets.
		Year Ended
		December 31,
		2013
		(Unaudited)
	Boe Produced		160,432
	Revenues	$	13,511,159
	Net operating income	$	2,704,323
	Net income (loss)	$	(45,154	)
	Income (loss) per common share
	Basic	$	(0.00	)
	Diluted	$	(0.00	)

4_Related_Party

4. Related Party	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Note 4 - Related Party	During the years ended December 31, 2014 and 2013, we granted various awards to our Officers and Directors as compensation for their services. These related party grants are fully disclosed in Note 12 below.
	Other Related Party Transactions
	We have subleased and currently lease office space on a month to month basis where the lessor is an entity owned by our former CEO and current Chairman of the Board of Directors, Bradley Berman. The sublease agreement was cancelled and we entered into a direct lease on April 30, 2012 to expand and occupy approximately 1,142 square feet of office space. The 2012 lease was amended effective November 15, 2013 to occupy approximately 2,813 square feet of office space. In accordance with this lease, our lease term is on a month-to-month basis, provided that either party may provide 90 day notice to terminate the lease, with base rents of $2,110 per month, plus common area operations and maintenance charges, and monthly parking fees of $240 per month, for the period from November 15, 2013 to October 31, 2014 and subject to increases of $117 per month beginning November 1, 2014 and for each of the subsequent three year periods. We have paid a total of $69,300 and $34,350 to this entity during the years ended December 31, 2014 and 2013, respectively.

5_Property_and_Equipment

5. Property and Equipment	12 Months Ended
	Dec. 31, 2014
Property and equipment:
Note-5 Property and Equipment	Property and equipment December 31, 2014 and 2013, consisted of the following:
		December 31,
		2014			2013
	Oil and gas properties, full cost method:
	Evaluated costs	$	112,418,105		$	79,361,432
	Unevaluated costs, not subject to amortization or ceiling test		591,121			2,798,795
			113,009,226			82,160,227
	Other property and equipment		139,004			115,482
			113,148,230			82,275,709
	Less: Accumulated depreciation, amortization, depletion and impairments		(18,902,524	)		(9,513,434	)
	Total property and equipment, net	$	94,245,706		$	72,762,275
	The following table shows depreciation, depletion, and amortization expense by type of asset:
		Years Ended
		December 31,
		2014			2013
	Depletion of costs for evaluated oil and gas properties	$	9,359,952		$	3,705,156
	Depreciation and amortization of other property and equipment		29,138			24,001
	Total depreciation, amortization and depletion	$	9,389,090		$	3,729,157

6_Oil_and_Gas_Properties

6. Oil and Gas Properties	12 Months Ended
	Dec. 31, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Note 6- Oil and Gas Properties	The following tables summarize gross and net productive oil wells by state at December 31, 2014 and 2013. A net well represents our percentage ownership of a gross well. The following tables do not include wells in which our interest is limited to royalty and overriding royalty interests. The following tables also do not include wells which were awaiting completion, in the process of completion or awaiting flow back subsequent to fracture stimulation.
		31-Dec-14						31-Dec-13
		Gross			Net			Gross		Net
	North Dakota		242			7.51			152		4.79
	Montana		5			0.37			1		0.08
			247			7.88			153		4.87
	The Company’s oil and gas properties consist of all acreage acquisition costs (including cash expenditures and the value of stock consideration), drilling costs and other associated capitalized costs. As of December 31, 2014 and 2013, our principal oil and gas assets included approximately 10,000 and 14,300 net acres, respectively, located in North Dakota and Montana.
	The following table summarizes our capitalized costs for the purchase and development of our oil and gas properties for the years ended December 31, 2014 and 2013:
		Years Ended December 31,
		2014			2013
	Purchases of oil and gas properties and development costs for cash	$	24,739,407		$	32,025,724
	Purchase of oil and gas properties accrued at year-end		9,364,796			7,953,801
	Purchase of oil and gas properties accrued at the beginning of the year		(7,953,801	)		(2,618,145	)
	Advances to operators applied to development of oil and gas properties		6,036,748			2,218,237
	Capitalized asset retirement obligations		103,778			84,501
	Total purchase and development costs, oil and gas properties	$	32,290,928		$	39,664,118
	2014 Acquisitions
	During 2014, the Company purchased approximately 374 net mineral acres of oil and gas properties in North Dakota and Montana. In consideration for the assignment of these mineral leases, we paid the sellers a total of approximately $3,102,568.
	2014 Divestitures
	During 2014, the Company sold approximately 502 net mineral acres of oil and gas properties and rights to individual well bores in North Dakota for total proceeds of $1,441,929. No gain or loss was recorded pursuant to the sales.
	2013 Acquisitions
	During 2013, including the CPX acquisition, the Company purchased approximately 3,571 net mineral acres of oil and gas properties in North Dakota and Montana. Additionally, in conjunction with the purchase of the net mineral acres we acquired 45 gross producing wells (1.23 net wells). In consideration for the assignment of these mineral leases and producing wells, we paid the sellers a total of approximately $24,693,145.
	2013 Divestitures
	During 2013, the Company sold approximately 189 net mineral acres of oil and gas properties in North Dakota for total proceeds of $608,387. No gain or loss was recorded pursuant to the sales.
	2013 Acreage Swap
	In 2013, we traded 950 acres to an operator in exchange for 160 acres in a different geographic location and a drilling carry for the well costs for our interests in 2 gross (0.12 net) wells valued at $1,200,000.
	Undeveloped Acreage Expirations
	During 2014 and 2013, we had leases encompassing 4,202 and 543 net acres, respectively, expire with carrying costs of $6,198,163 and $833,884, respectively that have been transferred to the full cost pool subject to depletion. We estimate that approximately 1,100 net acres with carrying costs of approximately $1,900,000 will expire prior to the commencement of production activities during 2015. The carrying costs of these leases, including those which we estimate will expire in 2015 have also been transferred to the full cost pool and are subject to depletion.

7_Asset_Retirement_Obligation

7. Asset Retirement Obligation	12 Months Ended
	Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
Note 7 - Asset Retirement Obligation	The Company has asset retirement obligations associated with the future plugging and abandonment of proved properties and related facilities. Under the provisions of FASB ASC 410-20-25, the fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and a corresponding increase in the carrying amount of the related long lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. The Company has no assets that are legally restricted for purposes of settling asset retirement obligations.
	The following table summarizes the Company’s asset retirement obligation transactions recorded in accordance with the provisions of FASB ASC 410-20-25 during the years ended December 31, 2014 and 2013:
		Years ended December 31,
		2014		2013
	Beginning asset retirement obligation	$	160,665	$	67,145
	Revision in estimate of asset retirement obligation		–		(19,848	)
	Liabilities incurred for new wells placed in production		103,778		70,698
	Liabilities assumed in acquisition		–		33,651
	Accretion of discount on asset retirement obligations		22,361		9,019
	Ending asset retirement obligation	$	286,804	$	160,665

8_Derivative_Instruments

8. Derivative Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 8 - Derivative Instruments

The Company is required to recognize all derivative instruments on the balance sheet as either assets or liabilities measured at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as such, marks its derivative instruments to fair value and recognizes the realized and unrealized changes in fair value in its statements of operations under the captions “Loss on Settled Derivatives” and “Losses on the mark-to-market of derivatives.”

The Company has utilized swap and collar derivative contracts to hedge against the variability in cash flows associated with the forecasted sale of crude oil production. While the use of these derivative instruments limits the downside risk of adverse price movements, their use also limits the upside revenue potential of upward price movements.

For a fixed price swap contract, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is less than the swap price and the Company is required to make a payment to the counterparty if the settlement price for any period is greater than the swap price. For a collar contract, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is below the floor price, the Company is required to make a payment to the counterparty if the settlement price for any settlement period is above the ceiling price and no payment is required by either party if the settlement price for any settlement period is between the floor price and the ceiling price.

The Company’s derivative contracts are settled based on reported settlement prices on commodity exchanges, with crude oil derivative settlements based on NYMEX West Texas Intermediate (“WTI”) pricing.

As of December 31, 2014, the Company had outstanding derivative contracts with respect to future production as follows:

Crude Oil Swaps

Oil

Fixed

Settlement Period

(Barrels)

Price

January 1, 2015 – December 31, 2015

24,000

$

88.28

January 1, 2015 – December 31, 2015

21,000

$

89.7

January 1, 2015 – December 31, 2015

12,000

$

92.38

January 1, 2015 – December 31, 2015

30,000

$

90.16

January 1, 2016 – December 31, 2016

60,000

$

90.36

January 1, 2016 – December 31, 2016

24,000

$

88.15

January 1, 2017 – December 31, 2017

78,000

$

87.18

Crude Oil Costless Collars

Oil

Floor/Ceiling

Settlement Period

(Barrels)

Price

Basis

January 1, 2015 – December 31, 2015

36,000

$75.00/$95.60

NYMEX

January 1, 2016 – June 30, 2016

10,002

$80.00/$89.50

NYMEX

As of December 31, 2014, the Company had total volume on open commodity swaps of 249,000 barrels at a weighted average price of approximately $88.97.

Derivative Gains and Losses

The following table presents realized and unrealized gains and losses on derivative instruments for the periods presented:

Years Ended

December 31,

2014

2013

Realized gain on derivatives:

Crude oil fixed price swaps

$

511,451

$

53,482

Crude oil collars

–

–

Realized gain on derivatives, net

$

511,451

$

53,482

Gain (loss) on the mark-to-market of derivatives:

Crude oil fixed price swaps

$

6,827,126

$

(134,293

)

Crude oil collars

966,295

(79,383

)

Gain (loss) on the mark-to-market of derivatives, net

$

7,793,421

$

(213,676

)

Balance Sheet Offsetting of Derivative Assets and Liabilities

ASU No 2011-11, Balance Sheet (Topic 210)-Disclosures about Offsetting Assets and Liabilities, requires an entity to disclose information about offsetting arrangements to enable financial statement users to understand the effects of netting arrangements on an entity’s financial position. The Company adopted the provision of the standard upon entering into our first derivative contract and has provided the applicable disclosures below with respect to its derivative instruments.

All of the Company’s derivative contracts are carried at their fair value in the condensed balance sheets under the captions “Current portion of derivative instruments” and “Derivative instruments”. Derivative instruments from the same counterparty that are subject to contractual terms which provide for net settlement are reported on a net basis in the condensed balance sheets. The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under the netting arrangements with counterparties, and the resulting net amounts presented in the condensed balance sheets for the periods presented, all at fair value.

31-Dec-14

31-Dec-13

Gross

Net

Gross

Net

Gross

amounts

amounts of

Gross

amounts

amounts of

amounts of

offset

assets

amounts of

offset

assets

recognized

on balance

on balance

recognized

on balance

on balance

assets

sheet

sheet

assets

sheet

sheet

Commodity derivative assets

$

7,620,896

$

(41,151

)

$

7,579,745

$

–

$

–

$

–

31-Dec-14

31-Dec-13

Gross

Net

Gross

Net

Gross

amounts

amounts of

Gross

amounts

amounts of

amounts of

offset

liabilities

amounts of

offset

liabilities

recognized

on balance

on balance

recognized

on balance

on balance

liabilities

sheet

sheet

liabilities

sheet

sheet

Commodity derivative liabilities

$

–

$

–

$

–

$

(396,573

)

$

182,897

$

(213,676

)

The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed balance sheets:

December 31,

2014

2013

Derivative assets

$

3,571,803

$

–

Noncurrent derivative assets

4,007,942

–

Net amount of assets on the balance sheet

7,579,745

–

Derivative liabilities

–

(139,065

)

Noncurrent derivative liabilities

–

(74,611

)

Net amounts of liabilities on the balance sheet

–

(213,676

)

Total derivative liabilities, net

$

7,579,745

$

(213,676

)

9_Fair_Value_of_Financial_Inst

9. Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Note 9 - Fair Value of Financial Instruments	The Company adopted FASB ASC 820-10 upon inception at April 9, 2010. Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.
	The Company has cash and cash equivalents and a revolving credit facility that must be measured under the fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:
	Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
	Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.
	The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balances sheet as of December 31, 2014 and 2013:
		Fair Value Measurements at December 31, 2014
		Level 1		Level 2			Level 3
	Assets
	Cash and cash equivalents	$	94,682	$	–		$	–
	Derivative Instruments (crude oil swaps and collars)		–		7,579,745			–
	Total assets		94,682		7,579,745			–
	Liabilities
	Revolving credit facilities and long term debt, net of discounts		–		51,834,603			–
	Total Liabilities		–		51,834,603			–
		$	94,682	$	(44,254,858	)	$	–
		Fair Value Measurements at December 31, 2013
		Level 1		Level 2			Level 3
	Assets
	Cash and cash equivalents	$	1,150,347	$	–		$	–
	Total assets		1,150,347		–			–
	Liabilities
	Derivative Instruments (crude oil swaps and collars)		–		213,676			–
	Revolving credit facilities and long term debt, net of discounts		–		30,556,301			–
	Total Liabilities		–		30,769,977			–
		$	1,150,347	$	(30,769,977	)	$	–
	There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended December 31, 2014 and 2013.
	Level 2 liabilities include revolving credit facilities. No fair value adjustment was necessary during the years ended December 31, 2014 and 2013.

10_Revolving_Credit_Facilities

10. Revolving Credit Facilities and Long Term Debt	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Note 10 - Revolving Credit Facilities and Long Term Debt	Senior Credit Facility
	The Company, as borrower, entered into a Credit Agreement dated August 8, 2013 and amendments thereto dated December 13, 2013, March 24, 2014, April 21, 2014, September 11, 2014, and March 30, 2015 (as amended, the “Senior Credit Agreement”) with Cadence Bank, N.A. (“Cadence”), as lender (the “Senior Credit Facility”). Under the terms of the Senior Credit Agreement, a senior secured revolving line of credit in the maximum aggregate principal amount of $50 million is available from time to time (i) for direct investment in oil and gas properties, (ii) for general working capital purposes, including the issuance of letters of credit, and (iii) to refinance the then existing debt under the Company’s former credit facility with Dougherty Funding LLC.
	Availability under the Senior Credit Facility is at all times subject to the then-applicable borrowing base, determined by Cadence in a manner consistent with the normal and customary oil and gas lending practices of Cadence. Availability was initially set at $7 million and is subject to periodic redeterminations. The availability was $35 million as of December 31, 2014, and subsequently amended to $34 million on March 30, 2015. Subject to availability under the borrowing base, the Company may borrow, repay and re-borrow funds in amounts of $250,000 or more. At the Company’s election, the unpaid principal balance of any borrowings under the Senior Credit Facility may bear interest at either (i) the Base Rate, as defined in the Senior Credit Facility, plus the applicable margin, which varies from 1.00% to 1.50% or (ii) the LIBOR rate, as defined in the Senior Credit Facility, plus the applicable margin, which varies from 3.00% to 3.50%. Interest is payable for Base Rate loans on the last business day of the month and for LIBOR loans on the last LIBOR business day of each LIBOR interest period. The Company is also required to pay a quarterly fee of 0.50% on any unused portion of the borrowing base, as well as a facility fee of 0.90% of the initial and any subsequent additions to the borrowing base.
	The Senior Credit Facility’s maturity date of August 8, 2016, was subsequently amended to January 15, 2017 pursuant to the amendment on March 30, 2015. The Company may prepay the entire amount of Base Rate loans at any time, and may prepay the entire amount of LIBOR loans upon at least three business days’ notice to Cadence. The Senior Credit Facility is secured by first priority interests in mortgages on substantially all of the Company’s assets, including but not limited to the Company’s mineral interests in North Dakota and Montana.
	The Company had borrowings of $22.6 million and 13 million outstanding under the Senior Credit Agreement as of December 31, 2014 and 2013, respectively.
	Subordinated Credit Facility
	The Company, as borrower, entered into a Second Lien Credit Agreement dated August 8, 2013 and amendments thereto dated December 13, 2013, March 24, 2014, April 21, 2014, September 11, 2014, and March 30, 2015 (as amended, the “Subordinated Credit Agreement”) by and among the Company, as borrower, Chambers Energy Management, LP, as administrative agent (“Chambers”), and the several other lenders named therein (the “Subordinated Credit Facility”). Under the Subordinated Credit Facility, term loans in the aggregate principal amount of up to $75 million are available from time to time (i) to repay the Previous Credit Facility, (ii) for fees and closing costs in connection with both the Senior Credit Facility and the Subordinated Credit Facility (together, the “Credit Facilities”), and (iii) general corporate purposes.
	The Subordinated Credit Agreement provided initial commitment availability of $25 million, which was subsequently amended to the current availability of $30 million, with the remaining commitments subject to the approval of Chambers and other customary conditions. The Company may borrow the available commitments in amounts of $5 million or more and shall not request borrowings of such loans more than once a month, provided that the initial draw was at least $15 million. Loans under the Subordinated Credit Facility shall be funded net of a 2% OID. The unpaid principal balance of borrowings under the Subordinated Credit Facility bears interest at the Cash Interest Rate plus the PIK Interest Rate. The Cash Interest Rate is 9.00% per annum plus a rate per annum equal to the greater of (i) 1.00% and (ii) the offered rate for three-month deposits in U.S. dollars that appears on Reuters Screen LIBOR 01 as of 11:00 a.m. (London time) on the second full LIBOR business day preceding the first day of each calendar quarter. The PIK Interest Rate is equal to 4.00% per annum. Interest is payable on the last day of each month. The Company is also required to pay an annual nonrefundable administration fee of $50,000 and a monthly availability fee computed at a rate of 0.50% per annum on the average daily amount of any unused portion of the available amount under the commitment.
	The Subordinated Credit Facility matures on June 30, 2017. Upon at least three business days’ written notice, the Company may prepay the entire amount under the loans, together with accrued interest. Each prepayment made prior to the second anniversary of the funding date, as defined in the Subordinated Credit Facility, shall be accompanied by a make-whole amount, as defined in the Subordinated Credit Agreement. Prepayments made on or after the second anniversary of the funding date shall be accompanied by an applicable premium, as set forth in the Subordinated Credit Agreement. The Subordinated Credit Facility is secured by second priority interests on substantially all of the Company’s assets, including but not limited to second priority mortgages on the Company’s mineral interests in North Dakota and Montana.
	The first funding from the Subordinated Credit Facility occurred on September 9, 2013 at which time we drew $14,700,000, net of a $300,000 original issue discount, from the Subordinated Credit Agreement and used $10,226,057 of those proceeds to repay and terminate the Dougherty revolving credit facility. We have drawn an additional $14,700,000, net of $300,000 original issue discounts, through December 31, 2014. The Company had borrowings of $30 million and $20 million outstanding under the Subordinated Credit Facility as of December 31, 2014 and 2013, respectively.
	Intercreditor Agreements and Covenants
	Cadence and Chambers have entered into an Intercreditor Agreement dated August 8, 2013 (the “Intercreditor Agreement”). The Intercreditor Agreement provides that any liens on the assets of the Company securing indebtedness under the Subordinated Credit Facility are subordinate to liens on the assets securing indebtedness under the Senior Credit Facility and sets forth the respective rights, obligations and remedies of the lenders under the Senior Credit Facility with respect to their first priority liens and the lenders under the Subordinated Credit Facility with respect to their second priority liens.
	The Credit Facilities, as amended, require customary affirmative and negative covenants for credit facilities of the respective types and sizes for companies operating in the oil and gas industry, as well as customary events of default. Furthermore, the Credit Facilities contain financial covenants that require the Company to satisfy certain specified financial ratios. The Senior Credit Agreement requires the Company to maintain (i) as of the last day of each fiscal quarter of the Company, a collateral coverage ratio (reserve value plus consolidated working capital to adjusted indebtedness) of at least 0.65 to 1.00 through the quarter ending June 30, 2014, 0.70 to 1.00 for the quarters ending September 30, 2014 and December 31, 2014, was waived for the quarter ending March 31, 2015, and 0.80 to 1.00 for the quarter ending June 30, 2015, and 0.70 to 1.00 for the quarter ending September 30, 2015, and 0.80 to 1.00 for the quarter ending December 31, 2015 and thereafter, (ii) a ratio of current assets, including debt facility available to be drawn, to current liabilities of a minimum of 1.0 to 1.0, (iii) a net debt to EBITDAX, as defined in the Senior Credit Agreement, ratio of 3.75 to 1.00 for the quarter ended March 31, 2014, 4.25 to 1.00 for the quarters ended June 30, 2014 and September 30, 2014, 4.00 to 1.00 for the quarter ended December 31, 2014, was waived for the quarter ended March 31, 2015, and 3.50 to 1.00 for the quarters ending June 30, 2015 and September 30, 2015, and 3.65 to 1.00 for the quarter ending December 31, 2015, and 3.50 to 1.00 for the quarter ending March 31, 2016 and thereafter, in each case calculated on a modified trailing four quarter basis, (iv) a maximum senior leverage ratio of not more than 2.5 to 1.0 calculated on a modified trailing four quarter basis, and (v) a minimum interest coverage ratio of not less than 3.0 to 1.0. The Subordinated Credit Agreement requires the Company to maintain (i) as of the last day of each fiscal quarter of the Company, a collateral coverage ratio (reserve value plus consolidated working capital to adjusted indebtedness) of at least 0.65 to 1.00 through the quarter ending June 30, 2014, 0.70 to 1.00 for the quarters ending September 30, 2014 and December 31, 2014, was waived for the quarter ending March 31, 2015, and 0.80 to 1.00 for the quarter ending June 30, 2015, and 0.70 to 1.00 for the quarter ending September 30, 2015, and 0.80 to 1.00 for the quarter ending December 31, 2015 and thereafter, (ii) as of the last day of each fiscal quarter of the Company, a consolidated net leverage ratio (adjusted total indebtedness less the amount of unrestricted cash equivalents to consolidated EBITDA) of no more than 3.75 to 1.00 for the quarter ending March 31, 2014, 4.25 to 1.00 for the quarters ending June 30, 2014 and September 30, 2014, 4.00 to 1.00 for the quarter ending December 31, 2014, was waived for the quarter ending March 31, 2015, and 3.50 to 1.00 for the quarters ending June 30, 2015 and September 30, 2015, and 3.65 to 1.00 for the quarter ending December 31, 2015, and 3.50 to 1.00 for the quarter ending March 31, 2016 and thereafter, calculated on a modified trailing four quarter basis, (iii) as of the last day of any fiscal quarter of the Company, a consolidated cash interest coverage ratio (consolidated EBITDA to consolidated cash interest expense) of no less than 2.5 to 1.0, calculated on a modified trailing four quarter basis and (iv) as of the last day of any period of four consecutive fiscal quarters of the Company, a ratio of consolidated current assets to consolidated current liabilities of at least 1.0 to 1.0. In addition, each of the Credit Facilities requires that the Company enter into hedging agreements based on anticipated oil production from currently producing wells as agreed to by the lenders. The Company is in compliance with all covenants, as amended, for the period ending December 31, 2014.
	Debt Discount, Detachable Warrants
	In connection with the Subordinated Credit Facility, the Company agreed to issue to the lenders detachable warrants to purchase up to 5,000,000 shares of the Company’s common stock at an exercise price of $0.65 per share. The warrants expire on August 8, 2018. Proceeds from the loan were allocated between the debt and equity based on the relative fair values at the time of issuance, resulting in a debt discount of $2,473,576 at issuance that is presented as a debt discount on the balance sheet and is being amortized using the effective interest method over the life of the credit facility, which matures on June 30, 2017. A total of $628,195 and $199,632 was amortized during the years ended December 31, 2014 and 2013. The remaining unamortized balance of the debt discount attributable to the warrants is $1,645,749 as of December 31, 2014.
	Dougherty Revolving Credit Facility (former credit facility)
	On April 4, 2012, the Company entered into a Secured Revolving Credit Agreement with Dougherty Funding, LLC (“Dougherty”) as Lender which was subsequently amended on September 5, 2012 and December 14, 2012 with an Amended and Restated Secured Revolving Credit Agreement (collectively the “Dougherty Credit Facility”).
	The Dougherty Credit Facility provided for a maximum available amount of $20 million, of which $16.5 million was available prior to termination of the facility, with interest payable on the outstanding balance at a rate of 9.25% per year and a maturity date of August 1, 2015. In connection with the amended financing, the Company issued Dougherty Funding LLC warrants to purchase 585,000 shares of the Company’s common stock at an exercise price of $0.38 per share. The warrants expire on August 31, 2015.
	On September 9, 2013, we repaid the Dougherty Credit Facility with proceeds from the Subordinated Credit Facility.
	Amounts outstanding under revolving credit facilities and long term debts consisted of the following as of December 31, 2014 and 2013, respectively:
		December 31,
		2014			2013
	Senior Revolving Credit Facility, Cadence Bank, N.A.	$	22,600,000		$	13,000,000
	Subordinated Credit Agreement, Chambers		30,000,000			20,000,000
	PIK Interest on Subordinated Credit Agreement, Chambers		1,307,086			201,883
	Total credit facilities and long term debts		53,907,086			33,201,883
	Less: Unamortized OID		(426,734	)		(371,638	)
	Less: Unamortized debt discount attributable to warrants		(1,645,749	)		(2,273,944	)
	Total credit facilities and long term debts, net of discounts		51,834,603			30,556,301
	Less: current maturities		–			–
	Long term portion of credit facilities and long term debts	$	51,834,603		$	30,556,301
	Net proceeds of $29.4 million were received from our $30 million in advances due to $600,000 of OID pursuant to the Subordinated Credit Agreement at issuance that is presented as a debt discount on the balance sheet and is being amortized using the effective interest method over the life of the credit facility, which matures on June 30, 2017. A total of $144,904 and $28,362 was amortized during the years ended December 31, 2014 and 2013, respectively. The remaining unamortized balance of the debt discount attributable to the OID is $426,734 as of December 31, 2014.
	The following presents components of interest expense for the years ended December 31, 2014 and 2013, respectively:
		Years Ended December 31,
		2014			2013
	Credit Facilities, accrued PIK interest	$	1,105,203		$	201,883
	Credit Facilities, amortization of OID		144,904			28,362
	Credit Facilities, interest and commitment fees		3,453,349			1,092,372
	Credit Facilities, amortization of debt issuance costs		326,258			749,920
	Credit Facilities, amortization of warrant costs		628,195			307,822
	Capitalized interest		(372,673	)		–
		$	5,285,236		$	2,380,359

11_Stockholders_Equity

11. Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Note 11 - Stockholders' Equity	Preferred Stock
	The Company has 20,000,000 authorized shares of $0.001 par value preferred stock. No shares have been issued to date.
	Common Stock
	The Company has 500,000,000 authorized shares of $0.001 par value common stock.

12_Options

12. Options	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Note 12 - Options	The following table presents all options granted during the year ended December 31, 2014:
					Number							Term	Vesting	Black-Scholes Options			Total		Expense		Expense
	Grant				of				Strike			in	Term in	Pricing Model:			Fair		Recognized		Recognized
	Date		Recipient		Options				Price			Years(1)	Years(1)	Volatility	Call Value		Value		in 2014		in 2013
	12/22/14		Kenneth DeCubellis, CEO			58,000			$	0.28		10	5	198%	$	0.2237	$	12,974	$	64	$	–
	12/22/14		James Moe, CFO			40,000			$	0.28		10	5	198%	$	0.2237		8,947		44		–
	12/22/14		Michael Eisele, COO			40,000			$	0.28		10	5	198%	$	0.2237		8,947		44		–
	12/22/14		Employee			36,000			$	0.28		10	5	198%	$	0.2237		8,053		40		–
	12/22/14		Employee			12,000			$	0.28		10	5	198%	$	0.2237		2,684		13		–
	12/22/14		Employee			12,000			$	0.28		10	5	198%	$	0.2237		2,684		13		–
	12/22/14		Employee			2,000			$	0.28		10	5	198%	$	0.2237		447		2		–
	12/8/14		Joseph Lahti, Director			100,000			$	0.374		10	5	202%	$	0.2956		29,563		372		–
	12/8/14		Benjamin Oehler, Director			100,000			$	0.374		10	5	202%	$	0.2956		29,563		372		–
	12/8/14		Bradley Berman, Director			100,000			$	0.374		10	5	202%	$	0.2956		29,563		372		–
	12/1/14		Employee			100,000			$	0.379		10	5	193%	$	0.2999		29,988		500		–
	2/10/14		Employee			27,500			$	0.782		10	5	116%	$	0.6778		18,639		1,976		–
	1/30/14		Employee			5,000			$	0.63		10	5	115%	$	0.5471		2,735		499		–
						632,500											$	184,787	$	4,311	$	–
	The following table presents all options granted during the year ended December 31, 2013:
					Number							Term	Vesting	Black-Scholes Options			Total		Expense		Expense
	Grant				of				Strike			in	Term in	Pricing Model:			Fair		Recognized		Recognized
	Date		Recipient		Options				Price			Years(1)	Years(1)	Volatility	Call Value		Value		in 2014		in 2013
	12/12/13		Kenneth DeCubellis, CEO			750,000			$	0.65		10	5	117%	$	0.5675	$	425,595	$	85,120	$	4,431
	12/12/13		James Moe, CFO			200,000			$	0.65		10	5	117%	$	0.5675		113,492		22,700		1,182
	12/12/13		Michael Eisele, COO			250,000			$	0.65		10	5	117%	$	0.5675		141,865		28,372		1,477
	12/12/13		Employee			175,000			$	0.65		10	5	117%	$	0.5675		99,306		19,860		1,034
	12/12/13		Employee			25,000			$	0.65		10	5	117%	$	0.5675		14,187		2,836		148
	12/12/13		Employee			10,000			$	0.65		10	5	117%	$	0.5675		5,675		1,136		59
	12/12/13		Joseph Lahti, Director			100,000			$	0.65		10	5	117%	$	0.5675		56,746		11,348		591
	12/12/13		Benjamin Oehler, Director			100,000			$	0.65		10	5	117%	$	0.5675		56,746		11,348		591
	12/12/13		Bradley Berman, Director			100,000			$	0.65		10	5	117%	$	0.5675		56,746		11,348		591
	10/30/13		Employee			20,000			$	0.63		10	5	114%	$	0.5443		10,886		2,176		370
	8/1/13		Michael Eisele, COO(2)			165,000			$	0.64		10	5	114%	$	0.552		91,087		18,216		7,590
	1/24/13		Employee			12,500			$	0.56		10	5	110%	$	0.4725		5,907		1,180		1,099
	1/24/13		Employee			70,000			$	0.56		10	5	110%	$	0.4725		33,077		6,616		6,158
	1/24/13		Michael Eisele, COO			165,000			$	0.56		10	5	110%	$	0.4725		77,968		15,592		14,514
	1/24/13		James Moe, CFO			115,000			$	0.56		10	5	110%	$	0.4725		54,341		10,868		10,116
	1/24/13		Kenneth DeCubellis, CEO			400,000			$	0.56		10	5	110%	$	0.4725		189,014		37,804		35,189
						2,657,500											$	1,432,638	$	286,520	$	85,140
		-1	All options vest in equal annual installments, commencing one year from the date of the grant, are exercisable for 10 years from the date of the grant and are being amortized over the implied service term, or vesting period, of the options.
		-2	Mr. Eisele was promoted to Chief Operating Officer effective August 1, 2013.
	Options Cancelled
	On August 22, 2014, 27,500 common stock options with a strike price of $0.782 were forfeited pursuant to the resignation of an employee.
	On November 15, 2013, 166,667 common stock options were forfeited pursuant to the resignation of an officer.
	No other options were cancelled during 2014 or 2013.
	Options Expired
	On November 30, 2014, a total of 12,000 options with a strike price of $0.92 per share expired.
	On August 8, 2014, a total of 24,000 options with a strike price of $0.51 per share expired.
	No options expired during the year ended December 31, 2013.
	Options Exercised
	No options were exercised during the year ended December 31, 2014 and 2013.
	The following is a summary of information about the Stock Options outstanding at December 31, 2014.
									Shares Underlying
	Shares Underlying Options Outstanding								Options Exercisable
					Weighted
			Shares		Average		Weighted		Shares		Weighted
			Underlying		Remaining		Average		Underlying		Average
	Range of		Options		Contractual		Exercise		Options		Exercise
	Exercise Prices		Outstanding		Life		Price		Exercisable		Price
	$0.03 - $1.00		7,208,834		7.77 years		$0.56		3,114,501		$0.65
	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants under the fixed option plan:
			December 31,				December 31,
			2014				2013
	Average risk-free interest rates			2.00%				1.92%
Average expected life (in years)			5				5
Volatility			97%				114%
The Black-Scholes option pricing model was developed for use in estimating the fair value of short-term traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including expected stock price volatility. Because the Company’s employee stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. During the years ended December 31, 2014 and 2013 there were no options granted with an exercise price below the fair value of the underlying stock at the grant date.
The following is a summary of activity of outstanding stock options:
						Weighted
						Average
		Number				Exercise
		of Shares				Prices
Balance, December 31, 2012			4,149,001			$	0.58
Options expired			–				–
Options cancelled			(166,667	)			(1.00	)
Options granted			2,657,500				0.62
Options exercised			–				–
Balance, December 31, 2013			6,639,834				0.59
Options expired			(36,000	)			(0.65	)
Options cancelled			(27,500	)			(0.78	)
Options granted			632,500				0.36
Options exercised			–				–
Balance, December 31, 2014			7,208,834				0.56
Exercisable, December 31, 2014			3,114,501			$	0.65
The Company expensed $578,919 and $643,817 from the amortization of common stock options during the years ended December 31, 2014 and 2013, respectively.

13_Warrants

13. Warrants	12 Months Ended
	Dec. 31, 2014
Warrants and Rights Note Disclosure [Abstract]
Note 13 - Warrants	Warrants Granted
	No warrants were granted during the year ended December 31, 2014.
	On August 8, 2013, in connection with entering into the Subordinated Credit Facility, the Company agreed to issue to the lenders cashless warrants to purchase up to 5,000,000 shares of the Company’s common stock at an exercise price of $0.65 per share. The warrants expire on August 8, 2018. The estimated fair value using the Black-Scholes Pricing Model, based on a volatility rate of 114%, risk-free interest rate of 1.38% and a call option value of $0.4947 was $2,473,576 and is being amortized using the effective interest method over the life of the credit facility, which matures on June 30, 2017. Proceeds from the sale were allocated between the debt and equity based on the relative fair values at the time of issuance. The fair value of $2,473,576 is presented as a debt discount on the balance sheet and a total of $628,195 and $199,632 was amortized during the years ended December 31, 2014 and 2013, respectively. The remaining unamortized balance of those warrants is $1,645,749 as of December 31, 2014.
	Warrants Cancelled
	A total of 330,000 warrants with a strike price of $1.50 per share were voluntarily forfeited on December 30, 2014. No warrants were cancelled during the years ended December 31, 2013.
	Warrants Expired
	No warrants expired during the years ended December 31, 2014 and 2013.
	Warrants Exercised
	No warrants were exercised during the years ended December 31, 2014 and 2013.
	The following is a summary of information about the Warrants outstanding at December 31, 2014:
								Shares Underlying
	Shares Underlying Warrants Outstanding							Warrants Exercisable
				Weighted
		Shares		Average		Weighted		Shares	Weighted
		Underlying		Remaining		Average		Underlying	Average
	Range of	Warrants		Contractual		Exercise		Warrants	Exercise
	Exercise Prices	Outstanding		Life		Price		Exercisable	Price
	$0.38 - $1.50	9,133,375		2.61 years		$0.92		9,133,375	$0.92
	The fair value of each warrant grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants under the fixed option plan:
		December 31,
		2014		2013
	Average risk-free interest rates	N/A			1.38%
	Average expected life (in years)	N/A			5
	Volatility	N/A			114%
	The Black-Scholes option pricing model was developed for use in estimating the fair value of short-term traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including expected stock price volatility. Because the Company’s warrants have characteristics significantly different from those of traded warrants and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion the existing models do not necessarily provide a reliable single measure of the fair value of its warrants. During the years ended December 31, 2014 and 2013, there were no warrants granted with an exercise price below the fair value of the underlying stock at the grant date.
	The following is a summary of activity of outstanding warrants:
						Weighted
						Average
		Number				Exercise
		of Shares				Prices
	Balance, December 31, 2012		4,463,375			$	1.26
	Warrants expired		–				–
	Warrants cancelled		–				–
	Warrants granted		5,000,000				0.65
	Warrants exercised		–				–
	Balance, December 31, 2013		9,463,375				0.94
	Warrants expired		–				–
	Warrants cancelled		(330,000	)			(1.50	)
	Warrants granted		–				–
	Warrants exercised		–				–
	Balance, December 31, 2014		9,133,375				0.92
	Exercisable, December 31, 2014		9,133,375			$	0.92

14_Income_Taxes

14. Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Note 14 - Income Taxes	We account for income taxes under the provisions of ASC Topic 740, Income taxes, which provides for an asset and liability approach for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributable to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts calculated for income tax purposes.
	Our provision for income taxes for the years ended December 31, 2014 and 2013 consisted of the following:
		December 31,
		2014			2013
	Current taxes	$	–		$	–
	Deferred tax provision (benefit)		2,559,195			(698,851	)
	Valuation allowance		–			–
	Net income tax provision (benefit)	$	2,559,195		$	(698,851	)
	The effective income tax rate for the years ended December 31, 2014 and 2013 consisted of the following:
		December 31,
		2014			2013
	Federal statutory income tax rate		35.00%			35.00%
	State income taxes		2.09%			2.35%
	Effect of statutory rate change on deferred taxes		(0.35%	)		34.49%
	Permanent differences		0.07%			(0.17%	)
	Change in valuation allowance		0.22%			(8.23%	)
	Net effective income tax rate		37.03%			63.44%
	The Company’s state income tax rate as of December 31, 2014 decreased by 0.26% from 2.35% as of December 31, 2013, to 2.09%. This decrease in the effective tax rate is attributable to changes in the Company’s state apportionment factors in the current year. In 2013, due to the legal settlement amounts and non-oil & gas revenue the Company received during previous years being sourced to the state of Minnesota for income tax purposes, a larger percentage of the Company’s activity was expected to be apportioned to that state. As compared to North Dakota, the other state the Company files tax returns in which has a corporate income tax rate of 4.53%, the state of Minnesota has a 9.80% corporate income tax rate. This change in apportionment resulted in a 34.49% increase in the effective tax rate for 2013 based on its effect on the carrying value of the net deferred tax liability.
	The components of the deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:
		December 31,
		2014			2013
	Deferred tax assets:
	Federal and state net operating loss carryovers	$	10,438,275		$	7,465,973
	Stock compensation		1,558,409			1,118,426
	Derivative liabilities		–			79,806
	Reorganization costs		49,693			50,040
	Asset retirement obligation		106,377			60,007
	Total deferred tax assets	$	12,152,754		$	8,774,252
	Deferred tax liabilities:
	Ceiling test impairment, intangible drilling costs and other exploration costs capitalized for financial reporting purposes	$	(15,344,769	)	$	(12,229,818	)
	Derivative assets		(2,811,366	)		–
	Property and equipment		(10,107	)		(13,764	)
	Total deferred liabilities		(18,166,242	)		(12,243,582	)
	Net deferred tax liabilities		(6,013,488	)		(3,469,330	)
	Less: valuation allowance		(579,552	)		(564,515	)
	Deferred tax liabilities	$	(6,593,040	)	$	(4,033,845	)
	As of December 31, 2014, the Company has net operating loss carryover of approximately $28,142,712. Under existing Federal law, the net operating loss may be utilized to offset taxable income through the year ended December 31, 2032. A portion of the net operating loss carryover begins to expire in 2030.
	ASC Topic 740 provides that a valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company had recognized a valuation allowance reducing the carrying value of its deferred tax asset by $564,515 as of December 31, 2013. As of December 31, 2014 the Company has increased its valuation allowance by $15,037 to $579,552. This increase was to more accurately reflect an allowance on only a portion of its deferred tax assets which the Company believes it is more likely than not that the benefit of these assets will not be realized.
	The Company files annual US Federal income tax returns and annual income tax returns for the states of Minnesota, North Dakota and Montana. We are not subject to income tax examinations by tax authorities for years before 2010 for all returns. Income taxing authorities have conducted no formal examinations of our past federal or state income tax returns and supporting records.
	The Company adopted the provisions of ASC Topic 740 regarding uncertainty in income taxes. The Company has found no significant uncertain tax positions as of any date on or before December 31, 2014.

15_Commitments_and_Contingenci

15. Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Note 15 - Commitments and Contingencies	The Company is involved in various inquiries, administrative proceedings and litigation relating to matters arising in the normal course of business. The Company is not currently a defendant in any material litigation and is not aware of any threatened litigation that could have a material effect on the Company. Management is not able to estimate the minimum loss to be incurred, if any, as a result of the final outcome of the matters arising in the normal course of business but believes they are not likely to have a material adverse effect upon the Company’s financial position or results of operations and, accordingly, no provision for loss has been recorded.
	The Company periodically maintains cash balances at banks in excess of federally insured amounts. The extent of loss, if any, to be sustained as a result of any future failure of a bank or other financial institution is not subject to estimation at this time.
	The Company commits to its participation in upcoming well development by signing an Authorization for Expenditure (“AFE”). As of December 31, 2014 the Company had committed to AFE’s of approximately $16.5 million beyond amounts previously paid or accrued. Additionally, the Company acquired a lease for mineral rights from the State of North Dakota on February 14, 2012 for 110 acres or an 8.7% working interest in the Dahl Federal 2-15H well that spud on January 6, 2012. The acreage we purchased lies within the riverbed of the Missouri River and there is currently third-party litigation ongoing in the State of North Dakota pertaining to the state’s ownership claim to similar riparian acreage. We have signed an AFE for the well and the operator has agreed to retroactively honor the AFE if the state is successful in defending its ownership claim. As a result we have not capitalized any of the AFE costs or recognized any sales from this well. Our proportion of the well costs, based on the AFE and our working interest, is approximately $800,000. The well started production on May 21, 2012. Had we recognized the revenue and expenses from this well we would have recorded approximately an additional $230,000, $451,000 and $468,000 in oil and gas sales for the years ended December 31, 2014, 2013 and 2012, respectively, and $63,000, $110,000 and $124,000 of production taxes and operating expenses for the years ended December 31, 2014, 2013 and 2012, respectively. In the event the state is not successful in defending its ownership claim, the state is required to refund the Company the cost to purchase the lease.

16_Subsequent_Events

16. Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Note 16 - Subsequent Events	Debt Financing
	From January 1, 2015 through March 26, 2015, the Company received cumulative advances, net of repayments, of $3.35 million pursuant to the Credit Facility with Cadence.
	On March 30, 2015, we amended the Credit Facility with Cadence Bank, N.A. to extend the termination date of the Loan Commitment from August 8, 2016 to January 15, 2017, decrease the borrowing base from $35 million to $34 million and to waive the Net Debt to EBITDAX Ratio and the Collateral Coverage Ratio covenants for the quarter ending March 31, 2015. In addition, the Amendment, for purposes of determining compliance with financial covenants, changes the Maximum Net Debt to EBITDAX Ratio and the Minimum Collateral Coverage Ratio. Whereas the Senior Credit Facility initially provided for a Maximum Net Debt to EBITDAX Ratio of 3.50 to 1.00 as of the end of each quarter commencing with the quarter ending March 31, 2015, the Amendment revises the Maximum Net Debt to EBITDAX to 3.65 to 1.00 for the quarter ending December 31, 2015, and 3.50 to 1.00 for the quarter ending March 31, 2016 and thereafter. In addition, whereas the Senior Credit Facility initially provided for a Minimum Collateral Coverage Ratio of 0.80 to 1.00 as of the end of each quarter commencing with the quarter ending March 31, 2015, the Amendment revises the Minimum Collateral Coverage Ratio to 0.80 to 1.00 for the quarter ending June 30, 2015, and 0.70 to 1.00 for the quarter ending September 30, 2015, and 0.80 to 1.00 for the quarter ending December 31, 2015 and thereafter.
	Our Subordinated Credit Facility was also amended on March 30, 2015, to waive the Net Leverage Ratio and the Collateral Coverage Ratio covenants for the quarter ending March 31, 2015. In addition, the Amendment, for purposes of determining compliance with financial covenants, changes the Maximum Net Leverage Ratio and the Minimum Collateral Coverage Ratio. Whereas the Subordinated Credit Facility initially provided for a Maximum Net Leverage Ratio of 3.50 to 1.00 as of the end of each quarter commencing with the quarter ending March 31, 2015, the Amendment revises the Maximum Net Leverage Ratio to 3.65 to 1.00 for the quarter ending December 31, 2015, and 3.50 to 1.00 for the quarter ending March 31, 2016 and thereafter. In addition, whereas the Subordinated Credit Facility initially provided for a Minimum Collateral Coverage Ratio of 0.80 to 1.00 as of the end of each quarter commencing with the quarter ending March 31, 2015, the Amendment revises the Minimum Collateral Coverage Ratio to 0.80 to 1.00 for the quarter ending June 30, 2015, and 0.70 to 1.00 for the quarter ending September 30, 2015, and 0.80 to 1.00 for the quarter ending December 31, 2015 and thereafter.
	Oil and Gas Property Purchases
	On March 10, 2015, the Company purchased 9.3571 net leasehold acres in oil and gas properties in North Dakota for approximately $102,928.
	Oil and Gas Property Sales
	On March 16, 2015, the Company sold 9 net leasehold acres of oil and gas properties in North Dakota for proceeds of $99,000.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting
	Our financial statements are prepared using the accrual method of accounting as generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC).
Segment Reporting	Segment Reporting
	FASB ASC 280-10-50 requires annual and interim reporting for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and expenses, and about which separate financial information is regularly evaluated by the chief operating decision maker in deciding how to allocate resources. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Environmental Liabilities	Environmental Liabilities
	The oil and gas industry is subject, by its nature, to environmental hazards and clean-up costs. At this time, management knows of no substantial losses from environmental accidents or events which would have a material effect on the Company.
Cash and Cash Equivalents	Cash and Cash Equivalents
	Cash equivalents include money market accounts which have maturities of three months or less. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Cash equivalents are stated at cost plus accrued interest, which approximates market value. Cash and cash equivalents consist of the following:
			December 31,
			2014		2013
	Cash		$	94,682	$	1,112,356
	Money market funds			–		37,991
	Total		$	94,682	$	1,150,347
Cash in Excess of FDIC and SIPC Insured Limits	Cash in Excess of FDIC and SIPC Insured Limits
	The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) and the Securities Investor Protection Corporation (SIPC) up to $250,000 and $500,000, respectively, under current regulations. The Company had approximately $-0- and $862,356 in excess of FDIC and SIPC insured limits at December 31, 2014 and 2013, respectively. The Company has not experienced any losses in such accounts.
Advances to Operators	Advances to Operators
	The Company participates in the drilling of crude oil and natural gas wells with other working interest partners. Due to the capital intensive nature of crude oil and natural gas drilling activities, the working interest partner responsible for conducting the drilling operations may request advance payments from other working interest partners for their share of the costs. The Company expects such advances to be applied by working interest partners against joint interest billings for its share of the drilling operations within 120 days from when the advance is paid.
Debt Issuance Costs	Debt Issuance Costs
	Costs relating to obtaining certain debts are capitalized and amortized over the term of the related debt using the straight-line method, which approximates the effective interest method. The Company paid $254,394 and $865,101 of debt issuance costs during the years ended December 31, 2014 and 2013, respectively, of which the unamortized balance of debt issuance costs at December 31, 2014 and 2013 was $701,019 and $772,883, respectively. Amortization of debt issuance costs charged to interest expense was $326,258 and $749,920 for the years ended December 31, 2014 and 2013, respectively. When a loan is paid in full, any unamortized financing costs are removed from the related accounts and charged to interest expense.
Website Development Costs	Website Development Costs
	The Company accounts for website development costs in accordance with ASC 350-50, “Accounting for Website Development Costs” (“ASC 350-50”), wherein website development costs are segregated into three activities:
		1)	Initial stage (planning), whereby the related costs are expensed.
		2)	Development (web application, infrastructure, graphics), whereby the related costs are capitalized and amortized once the website is ready for use. Costs for development content of the website may be expensed or capitalized depending on the circumstances of the expenditures.
		3)	Post-implementation (after site is up and running: security, training, admin), whereby the related costs are expensed as incurred. Upgrades are usually expensed, unless they add additional functionality.
	We have capitalized a total of $56,660 of website development costs from inception through December 31, 2014. We have recognized depreciation expense on these website costs of $15,380 and $18,887 for the years ended December 31, 2014 and 2013, respectively.
Income Taxes	Income Taxes
	The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company had no items that required fair value measurement on a recurring basis.
Non-Oil and Gas Property and Equipment	Non-Oil & Gas Property and Equipment
	Property and equipment that are not oil and gas properties are recorded at cost and depreciated using the straight-line method over their estimated useful lives of three to seven years. Expenditures for replacements, renewals, and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Long-lived assets, other than oil and gas properties, are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The Company has not recognized any impairment losses on non-oil and gas long-lived assets. Depreciation expense was $29,138 and $24,001 for the years ended December 31, 2014 and 2013, respectively.
Revenue Recognition	Revenue Recognition
	The Company recognizes oil and gas revenues from its interests in producing wells when production is delivered to, and title has transferred to, the purchaser and to the extent the selling price is reasonably determinable. The Company uses the sales method of accounting for gas balancing of gas production and would recognize a liability if the existing proven reserves were not adequate to cover the current imbalance situation.
Asset Retirement Obligations	Asset Retirement Obligations
	The Company records the fair value of a liability for an asset retirement obligation in the period in which the well is spud or the asset is acquired and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.
Full Cost Method	Full Cost Method
	The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration and development of oil and gas properties are initially capitalized into a single cost center ("full cost pool"). Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal costs that are capitalized are directly attributable to acquisition, exploration and development activities and do not include costs related to the production, general corporate overhead or similar activities. Costs associated with production and general corporate activities are expensed in the period incurred. Capitalized costs are summarized as follows for the years ended December 31, 2014 and 2013, respectively:
			Years Ended December 31,
			2014		2013
	Capitalized Certain Payroll and Other Internal Costs		$	61,861	$	137,509
	Capitalized Interest Costs			372,673		–
	Total		$	434,534	$	137,509
	Proceeds from property sales will generally be credited to the full cost pool, 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 20% or more of the proved reserves related to a single full cost pool. During the year ended December 31, 2014, the Company sold approximately 502 net acres and rights to individual well bores for total proceeds of $1,441,929. During the year ended December 31, 2013, the Company sold approximately 189 net acres for total proceeds of $608,387. The Company assesses all items classified as unevaluated property on a quarterly basis for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization.
	Capitalized costs associated with impaired properties and properties having proved reserves, estimated future development costs, and asset retirement costs under FASB ASC 410-20-25 are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves as determined by independent petroleum engineers. The costs of unproved properties are withheld from the depletion base until such time as they are either developed or abandoned.
	Capitalized costs of oil and gas properties (net of related deferred income taxes) may not exceed an amount equal to the present value, discounted at 10% per annum, of the estimated future net cash flows from proved oil and gas reserves plus the cost of unproved properties (adjusted for related income tax effects). Should capitalized costs exceed this ceiling, impairment is recognized. The present value of estimated future net cash flows is computed by applying the arithmetic average first day price of oil and natural gas for the preceding twelve months to estimated future production of proved oil and gas reserves as of the end of the period, less estimated future expenditures to be incurred in developing and producing the proved reserves and assuming continuation of existing economic conditions. Such present value of proved reserves' future net cash flows excludes future cash outflows associated with settling asset retirement obligations. Should this comparison indicate an excess carrying value, the excess is charged to earnings as an impairment expense. We recognized no impairment costs during the years ended December 31, 2014 and 2013, respectively.
Concentrations	Concentrations
	Our revenue is solely derived from oil and gas sales to various purchasers, the market for which has very inelastic demand. Due to this, we do not consider any purchasers to represent a material concentration to our sales for the years ended December 31, 2014 or 2013, as we believe any of our customers could easily be replaced.
	Since we do not operate any of our wells, we depend on our drilling partner operators to perform the drilling and other operating activities required for all sales of oil and gas. These operators are also responsible for remitting to us our revenue proceeds and billing us for drilling costs and lease operating expenses incurred. We had material concentrations of accounts receivable owed from four (4) and four (4) operators during the years ended December 31, 2014 and 2013, respectively, representing 56% and 60% of total oil and gas revenues and 36% and 41% of total oil and gas accounts receivable as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, we had 7.88 and 4.87 net producing wells, respectively. As of December 31, 2014 and 2013, these operating partners operated 38% and 37% of the net producing wells, respectively.
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share
	Basic earnings per share (“EPS”) are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants and restricted stock. The number of potential common shares outstanding relating to stock options, warrants and restricted stock is computed using the treasury stock method.
	The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the years ended December 31, 2014 and 2013 are as follows:
			Years Ended December 31,
			2014		2013
	Weighted average common shares outstanding – basic			47,979,990		47,979,990
	Plus: Potentially dilutive common shares:
	Stock options and warrants			1,199,735		–
	Weighted average common shares outstanding – diluted			49,179,725		47,979,990
	Stock options and warrants excluded from the calculation of diluted EPS because their effect was anti-dilutive were 13,683,209 and 16,103,209 as of December 31, 2014 and 2013, respectively.
Stock-Based Compensation	Stock-Based Compensation
	The Company adopted FASB guidance on stock based compensation upon inception at April 9, 2010. Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, are to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. Amortization of the fair values of stock options issued for services and compensation totaled $578,919 and $643,817 for the years ended December 31, 2014 and 2013, respectively. The fair values of stock options were determined using the Black-Scholes options pricing model and an effective term of 6 to 6.5 years based on the weighted average of the vesting periods and the stated term of the option grants and the discount rate on 5 to 7 year U.S. Treasury securities at the grant date and are being amortized over the related implied service term, or vesting period.
Uncertain Tax Positions	Uncertain Tax Positions
	Effective upon inception at April 9, 2010, the Company adopted new standards for accounting for uncertainty in income taxes. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
	Various taxing authorities can periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.
	The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	Various accounting standards and interpretations were issued in 2014 with effective dates subsequent to December 31, 2014. We have evaluated the recently issued accounting pronouncements that are effective in 2015 and believe that none of them will have a material effect on our financial position, results of operations or cash flows when adopted.
	Further, we are monitoring the joint standard-setting efforts of the Financial Accounting Standards Board and the International Accounting Standards Board. There are a large number of pending accounting standards that are being targeted for completion in 2014 and beyond, including, but not limited to, standards relating to revenue recognition, accounting for leases, fair value measurements, accounting for financial instruments, disclosure of loss contingencies and financial statement presentation. Because these pending standards have not yet been finalized, at this time we are not able to determine the potential future impact that these standards will have, if any, on our financial position, results of operations or cash flows.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Cash and Cash Equivalents		December 31,
		2014		2013
	Cash	$	94,682	$	1,112,356
	Money market funds		–		37,991
	Total	$	94,682	$	1,150,347
Basic and Diluted Loss Per Share		Years Ended December 31,
		2014		2013
	Weighted average common shares outstanding – basic		47,979,990		47,979,990
	Plus: Potentially dilutive common shares:
	Stock options and warrants		1,199,735		–
	Weighted average common shares outstanding – diluted		49,179,725		47,979,990
Schedule of Capitalized Costs		Years Ended December 31,
		2014		2013
	Capitalized Certain Payroll and Other Internal Costs	$	61,861	$	137,509
	Capitalized Interest Costs		372,673		–
	Total	$	434,534	$	137,509

3_Acquisition_Tables

3. Acquisition (Tables)	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Summary of purchase price of acquired properties	Purchase price of Acquired Properties	$	20,680,032
	Allocation of Purchase Price
	Proved Oil and Gas Properties	$	20,517,903
	Unproved Oil and gas Properties		195,780
	Total fair value of oil and gas properties		20,713,683
	Asset retirement obligations (1)		(33,651	)
	Fair value of net assets acquired	$	20,680,032
Proforma results of acquisition		Year Ended
		December 31,
		2013
		(Unaudited)
	Boe Produced		160,432
	Revenues	$	13,511,159
	Net operating income	$	2,704,323
	Net income (loss)	$	(45,154	)
	Income (loss) per common share
	Basic	$	(0.00	)
	Diluted	$	(0.00	)

5_Property_and_Equipment_Table

5. Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2014
Property and equipment:
Property and equipment		December 31,
		2014			2013
	Oil and gas properties, full cost method:
	Evaluated costs	$	112,418,105		$	79,361,432
	Unevaluated costs, not subject to amortization or ceiling test		591,121			2,798,795
			113,009,226			82,160,227
	Other property and equipment		139,004			115,482
			113,148,230			82,275,709
	Less: Accumulated depreciation, amortization, depletion and impairments		(18,902,524	)		(9,513,434	)
	Total property and equipment, net	$	94,245,706		$	72,762,275
Depreciation, depletion, and amortization expense		Years Ended
		December 31,
		2014			2013
	Depletion of costs for evaluated oil and gas properties	$	9,359,952		$	3,705,156
	Depreciation and amortization of other property and equipment		29,138			24,001
	Total depreciation, amortization and depletion	$	9,389,090		$	3,729,157

6_Oil_and_Gas_Properties_Table

6. Oil and Gas Properties (Tables)	12 Months Ended
	Dec. 31, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Gross and net productive oil wells		31-Dec-14						31-Dec-13
		Gross			Net			Gross		Net
	North Dakota		242			7.51			152		4.79
	Montana		5			0.37			1		0.08
			247			7.88			153		4.87
Capitalized costs		Years Ended December 31,
		2014			2013
	Purchases of oil and gas properties and development costs for cash	$	24,739,407		$	32,025,724
	Purchase of oil and gas properties accrued at year-end		9,364,796			7,953,801
	Purchase of oil and gas properties accrued at the beginning of the year		(7,953,801	)		(2,618,145	)
	Advances to operators applied to development of oil and gas properties		6,036,748			2,218,237
	Capitalized asset retirement obligations		103,778			84,501
	Total purchase and development costs, oil and gas properties	$	32,290,928		$	39,664,118

7_Asset_Retirement_Obligation_

7. Asset Retirement Obligation (Tables)	12 Months Ended
	Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation		Years ended December 31,
		2014		2013
	Beginning asset retirement obligation	$	160,665	$	67,145
	Revision in estimate of asset retirement obligation		–		(19,848	)
	Liabilities incurred for new wells placed in production		103,778		70,698
	Liabilities assumed in acquisition		–		33,651
	Accretion of discount on asset retirement obligations		22,361		9,019
	Ending asset retirement obligation	$	286,804	$	160,665

8_Derivative_Instruments_Table

8. Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Oustanding derivative contracts

Crude Oil Swaps

Oil

Fixed

Settlement Period

(Barrels)

Price

January 1, 2015 – December 31, 2015

24,000

$

88.28

January 1, 2015 – December 31, 2015

21,000

$

89.7

January 1, 2015 – December 31, 2015

12,000

$

92.38

January 1, 2015 – December 31, 2015

30,000

$

90.16

January 1, 2016 – December 31, 2016

60,000

$

90.36

January 1, 2016 – December 31, 2016

24,000

$

88.15

January 1, 2017 – December 31, 2017

78,000

$

87.18

Crude Oil Costless Collars

Oil

Floor/Ceiling

Settlement Period

(Barrels)

Price

Basis

January 1, 2015 – December 31, 2015

36,000

$75.00/$95.60

NYMEX

January 1, 2016 – June 30, 2016

10,002

$80.00/$89.50

NYMEX

Realized and unrealized gains and losses on derivative instruments

Years Ended

December 31,

2014

2013

Realized gain on derivatives:

Crude oil fixed price swaps

$

511,451

$

53,482

Crude oil collars

–

–

Realized gain on derivatives, net

$

511,451

$

53,482

Gain (loss) on the mark-to-market of derivatives:

Crude oil fixed price swaps

$

6,827,126

$

(134,293

)

Crude oil collars

966,295

(79,383

)

Gain (loss) on the mark-to-market of derivatives, net

$

7,793,421

$

(213,676

)

Offsetting derivative assets and liabilities

31-Dec-14

31-Dec-13

Gross

Net

Gross

Net

Gross

amounts

amounts of

Gross

amounts

amounts of

amounts of

offset

assets

amounts of

offset

assets

recognized

on balance

on balance

recognized

on balance

on balance

assets

sheet

sheet

assets

sheet

sheet

Commodity derivative assets

$

7,620,896

$

(41,151

)

$

7,579,745

$

–

$

–

$

–

31-Dec-14

31-Dec-13

Gross

Net

Gross

Net

Gross

amounts

amounts of

Gross

amounts

amounts of

amounts of

offset

liabilities

amounts of

offset

liabilities

recognized

on balance

on balance

recognized

on balance

on balance

liabilities

sheet

sheet

liabilities

sheet

sheet

Commodity derivative liabilities

$

–

$

–

$

–

$

(396,573

)

$

182,897

$

(213,676

)

Reconciliation of derivative assets and liabilities

December 31,

2014

2013

Derivative assets

$

3,571,803

$

–

Noncurrent derivative assets

4,007,942

–

Net amount of assets on the balance sheet

7,579,745

–

Derivative liabilities

–

(139,065

)

Noncurrent derivative liabilities

–

(74,611

)

Net amounts of liabilities on the balance sheet

–

(213,676

)

Total derivative liabilities, net

$

7,579,745

$

(213,676

)

9_Fair_Value_of_Financial_Inst1

9. Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Valuation of financial instruments at fair value		Fair Value Measurements at December 31, 2014
		Level 1		Level 2			Level 3
	Assets
	Cash and cash equivalents	$	94,682	$	–		$	–
	Derivative Instruments (crude oil swaps and collars)		–		7,579,745			–
	Total assets		94,682		7,579,745			–
	Liabilities
	Revolving credit facilities and long term debt, net of discounts		–		51,834,603			–
	Total Liabilities		–		51,834,603			–
		$	94,682	$	(44,254,858	)	$	–

10_Revolving_Credit_Facilities1

10. Revolving Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Revolving credit facility		December 31,
		2014			2013
	Senior Revolving Credit Facility, Cadence Bank, N.A.	$	22,600,000		$	13,000,000
	Subordinated Credit Agreement, Chambers		30,000,000			20,000,000
	PIK Interest on Subordinated Credit Agreement, Chambers		1,307,086			201,883
	Total credit facilities and long term debts		53,907,086			33,201,883
	Less: Unamortized OID		(426,734	)		(371,638	)
	Less: Unamortized debt discount attributable to warrants		(1,645,749	)		(2,273,944	)
	Total credit facilities and long term debts, net of discounts		51,834,603			30,556,301
	Less: current maturities		–			–
	Long term portion of credit facilities and long term debts	$	51,834,603		$	30,556,301
Components of interest expense		Years Ended December 31,
		2014			2013
	Credit Facilities, accrued PIK interest	$	1,105,203		$	201,883
	Credit Facilities, amortization of OID		144,904			28,362
	Credit Facilities, interest and commitment fees		3,453,349			1,092,372
	Credit Facilities, amortization of debt issuance costs		326,258			749,920
	Credit Facilities, amortization of warrant costs		628,195			307,822
	Capitalized interest		(372,673	)		–
		$	5,285,236		$	2,380,359

12_Options_Tables

12. Options (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options granted	The following table presents all options granted during the year ended December 31, 2014:
					Number							Term	Vesting	Black-Scholes Options			Total		Expense		Expense
	Grant				of				Strike			in	Term in	Pricing Model:			Fair		Recognized		Recognized
	Date		Recipient		Options				Price			Years(1)	Years(1)	Volatility	Call Value		Value		in 2014		in 2013
	12/22/14		Kenneth DeCubellis, CEO			58,000			$	0.28		10	5	198%	$	0.2237	$	12,974	$	64	$	–
	12/22/14		James Moe, CFO			40,000			$	0.28		10	5	198%	$	0.2237		8,947		44		–
	12/22/14		Michael Eisele, COO			40,000			$	0.28		10	5	198%	$	0.2237		8,947		44		–
	12/22/14		Employee			36,000			$	0.28		10	5	198%	$	0.2237		8,053		40		–
	12/22/14		Employee			12,000			$	0.28		10	5	198%	$	0.2237		2,684		13		–
	12/22/14		Employee			12,000			$	0.28		10	5	198%	$	0.2237		2,684		13		–
	12/22/14		Employee			2,000			$	0.28		10	5	198%	$	0.2237		447		2		–
	12/8/14		Joseph Lahti, Director			100,000			$	0.374		10	5	202%	$	0.2956		29,563		372		–
	12/8/14		Benjamin Oehler, Director			100,000			$	0.374		10	5	202%	$	0.2956		29,563		372		–
	12/8/14		Bradley Berman, Director			100,000			$	0.374		10	5	202%	$	0.2956		29,563		372		–
	12/1/14		Employee			100,000			$	0.379		10	5	193%	$	0.2999		29,988		500		–
	2/10/14		Employee			27,500			$	0.782		10	5	116%	$	0.6778		18,639		1,976		–
	1/30/14		Employee			5,000			$	0.63		10	5	115%	$	0.5471		2,735		499		–
						632,500											$	184,787	$	4,311	$	–
	The following table presents all options granted during the year ended December 31, 2013:
					Number							Term	Vesting	Black-Scholes Options			Total		Expense		Expense
	Grant				of				Strike			in	Term in	Pricing Model:			Fair		Recognized		Recognized
	Date		Recipient		Options				Price			Years(1)	Years(1)	Volatility	Call Value		Value		in 2014		in 2013
	12/12/13		Kenneth DeCubellis, CEO			750,000			$	0.65		10	5	117%	$	0.5675	$	425,595	$	85,120	$	4,431
	12/12/13		James Moe, CFO			200,000			$	0.65		10	5	117%	$	0.5675		113,492		22,700		1,182
	12/12/13		Michael Eisele, COO			250,000			$	0.65		10	5	117%	$	0.5675		141,865		28,372		1,477
	12/12/13		Employee			175,000			$	0.65		10	5	117%	$	0.5675		99,306		19,860		1,034
	12/12/13		Employee			25,000			$	0.65		10	5	117%	$	0.5675		14,187		2,836		148
	12/12/13		Employee			10,000			$	0.65		10	5	117%	$	0.5675		5,675		1,136		59
	12/12/13		Joseph Lahti, Director			100,000			$	0.65		10	5	117%	$	0.5675		56,746		11,348		591
	12/12/13		Benjamin Oehler, Director			100,000			$	0.65		10	5	117%	$	0.5675		56,746		11,348		591
	12/12/13		Bradley Berman, Director			100,000			$	0.65		10	5	117%	$	0.5675		56,746		11,348		591
	10/30/13		Employee			20,000			$	0.63		10	5	114%	$	0.5443		10,886		2,176		370
	8/1/13		Michael Eisele, COO(2)			165,000			$	0.64		10	5	114%	$	0.552		91,087		18,216		7,590
	1/24/13		Employee			12,500			$	0.56		10	5	110%	$	0.4725		5,907		1,180		1,099
	1/24/13		Employee			70,000			$	0.56		10	5	110%	$	0.4725		33,077		6,616		6,158
	1/24/13		Michael Eisele, COO			165,000			$	0.56		10	5	110%	$	0.4725		77,968		15,592		14,514
	1/24/13		James Moe, CFO			115,000			$	0.56		10	5	110%	$	0.4725		54,341		10,868		10,116
	1/24/13		Kenneth DeCubellis, CEO			400,000			$	0.56		10	5	110%	$	0.4725		189,014		37,804		35,189
						2,657,500											$	1,432,638	$	286,520	$	85,140
		-1	All options vest in equal annual installments, commencing one year from the date of the grant, are exercisable for 10 years from the date of the grant and are being amortized over the implied service term, or vesting period, of the options.
		-2	Mr. Eisele was promoted to Chief Operating Officer effective August 1, 2013.
Stock options outstanding
	Shares Underlying Options Outstanding								Options Exercisable
					Weighted
			Shares		Average		Weighted		Shares		Weighted
			Underlying		Remaining		Average		Underlying		Average
	Range of		Options		Contractual		Exercise		Options		Exercise
	Exercise Prices		Outstanding		Life		Price		Exercisable		Price
	$0.03 - $1.00		7,208,834		7.77 years		$0.56		3,114,501		$0.65
Options assumption			December 31,				December 31,
			2014				2013
	Average risk-free interest rates			2.00%				1.92%
	Average expected life (in years)			5				5
	Volatility			97%				114%
Summary of activity of outstanding stock options							Weighted
							Average
			Number				Exercise
			of Shares				Prices
	Balance, December 31, 2012			4,149,001			$	0.58
	Options expired			–				–
	Options cancelled			(166,667	)			(1.00	)
	Options granted			2,657,500				0.62
	Options exercised			–				–
	Balance, December 31, 2013			6,639,834				0.59
	Options expired			(36,000	)			(0.65	)
	Options cancelled			(27,500	)			(0.78	)
	Options granted			632,500				0.36
	Options exercised			–				–
	Balance, December 31, 2014			7,208,834				0.56
	Exercisable, December 31, 2014			3,114,501			$	0.65

13_Warrants_Tables

13. Warrants (Tables)	12 Months Ended
	Dec. 31, 2014
Warrants and Rights Note Disclosure [Abstract]
Warrants outstanding								Shares Underlying
	Shares Underlying Warrants Outstanding							Warrants Exercisable
				Weighted
		Shares		Average		Weighted		Shares	Weighted
		Underlying		Remaining		Average		Underlying	Average
	Range of	Warrants		Contractual		Exercise		Warrants	Exercise
	Exercise Prices	Outstanding		Life		Price		Exercisable	Price
	$0.38 - $1.50	9,133,375		2.61 years		$0.92		9,133,375	$0.92
Assumptions used for grants under the fixed option		December 31,
		2014		2013
	Average risk-free interest rates	N/A			1.38%
	Average expected life (in years)	N/A			5
	Volatility	N/A			114%
Summary of activity of outstanding warrants						Weighted
						Average
		Number				Exercise
		of Shares				Prices
	Balance, December 31, 2012		4,463,375			$	1.26
	Warrants expired		–				–
	Warrants cancelled		–				–
	Warrants granted		5,000,000				0.65
	Warrants exercised		–				–
	Balance, December 31, 2013		9,463,375				0.94
	Warrants expired		–				–
	Warrants cancelled		(330,000	)			(1.50	)
	Warrants granted		–				–
	Warrants exercised		–				–
	Balance, December 31, 2014		9,133,375				0.92
	Exercisable, December 31, 2014		9,133,375			$	0.92

14_Income_Taxes_Tables

14. Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes		December 31,
		2014			2013
	Current taxes	$	–		$	–
	Deferred tax provision (benefit)		2,559,195			(698,851	)
	Valuation allowance		–			–
	Net income tax provision (benefit)	$	2,559,195		$	(698,851	)
Tax reconciliation		December 31,
		2014			2013
	Federal statutory income tax rate		35.00%			35.00%
	State income taxes		2.09%			2.35%
	Effect of statutory rate change on deferred taxes		(0.35%	)		34.49%
	Permanent differences		0.07%			(0.17%	)
	Change in valuation allowance		0.22%			(8.23%	)
	Net effective income tax rate		37.03%			63.44%
Deferred tax assets and liabilities	The components of the deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:
		December 31,
		2014			2013
	Deferred tax assets:
	Federal and state net operating loss carryovers	$	10,438,275		$	7,465,973
	Stock compensation		1,558,409			1,118,426
	Derivative liabilities		–			79,806
	Reorganization costs		49,693			50,040
	Asset retirement obligation		106,377			60,007
	Total deferred tax assets	$	12,152,754		$	8,774,252
	Deferred tax liabilities:
	Ceiling test impairment, intangible drilling costs and other exploration costs capitalized for financial reporting purposes	$	(15,344,769	)	$	(12,229,818	)
	Derivative assets		(2,811,366	)		–
	Property and equipment		(10,107	)		(13,764	)
	Total deferred liabilities		(18,166,242	)		(12,243,582	)
	Net deferred tax liabilities		(6,013,488	)		(3,469,330	)
	Less: valuation allowance		(579,552	)		(564,515	)
	Deferred tax liabilities	$	(6,593,040	)	$	(4,033,845	)

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies (Details-Cash) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Cash	$94,682	$1,112,356
Money market funds	0	37,991
Total cash and cash equivalents	$94,682	$1,150,347	$1,417,340

2_Summary_of_Significant_Accou4

2. Summary of Significant Accounting Policies (Details-Capitalized Costs) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Total capitalized costs	$434,534	$137,509
Certain Payroll and Other Internal Costs
Total capitalized costs	61,861	137,509
Interest Costs
Total capitalized costs	$372,673	$0

2_Summary_of_Significant_Accou5

2. Summary of Significant Accounting Policies (Details-Weighted Average Shares)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Weighted average common shares outstanding - basic	47,979,990	47,979,990
Plus: Potentially dilutive common shars: Stock options and warrants	1,199,735	0
Weighted average common shares outstanding - diluted	49,179,725	47,979,990

2_Summary_of_Significant_Accou6

2. Summary of Significant Accounting Policies (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	acre	acre
Cash Uninsured Amount in Federal Deposit Insurance Corporation	$0	$862,356
Debt issuance costs paid	254,394	865,101
Unamortized balance of debt issuance costs	701,019	772,883
Amortization of debt issuance costs	326,258	749,920
Website development costs capitalized from inception	56,660
Proceeds from property sales	1,441,929	608,387
Net acres sold	502	189
Net producing wells	7.88	4.87
Antidilutive shares excluded from EPS calculation	13,683,209	16,103,209
Amortization of fair values of common stock and stock options issued for services and compensation	578,919	643,817
Oil and Gas Revenues [Member]
Material concentrations	56.00%	60.00%
Accounts Receivable [Member]
Material concentrations	36.00%	41.00%
Net Producing Operators
Material concentrations	38.00%	37.00%
Non-Oil and Gas Property and Equipment
Depreciation expense	29,138	24,001
Website Development Costs
Depreciation expense	$15,380	$18,887

3_Acquisition_Details

3. Acquisition (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Purchase price of Acquired Properties	$20,680,032
Proved Oil and Gas Properties	20,517,903
Unproved Oil and gas Properties	195,780
Total fair value of oil and gas properties	20,713,683
Asset retirement obligations	-33,651
Fair value of net assets acquired	$20,680,032

3_Acquisition_DetailsProForma_

3. Acquisition (Details-ProForma Operations) (USD $)	12 Months Ended
	Dec. 31, 2013
	Boe
Business Combinations [Abstract]
Boe Produced	160,432
Revenues	$13,511,159
Net operating income	2,704,323
Net income (loss)	($45,154)
Income (loss) per common share
Basic	$0
Diluted	$0

4_Related_Party_Details_Narrat

4. Related Party (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Rent expense	$69,300	$34,350

5_Property_and_Equipment_Detai

5. Property and Equipment (Details-Property and equipment) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Oil and gas properties, full cost method:
Evaluated costs	$112,418,105	$79,361,432
Unevaluated costs, not subject to amortization or ceiling test	591,121	2,798,795
Total Oil and Gas properties full cost method	113,009,226	82,160,227
Other property and equipment	139,004	115,482
Total property plant and equipment gross	113,148,230	82,275,709
Less: Accumulated depreciation, amortization, depletion and impairments	-18,902,524	-9,513,434
Total property and equipment, net	$94,245,706	$72,762,275

5_Property_and_Equipment_Detai1

5. Property and Equipment (Details-Depreciation) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property and equipment:
Depletion of costs for evaluated oil and gas properties	$9,359,952	$3,705,156
Depreciation and amortization of other property and equipment	29,138	24,001
Total depreciation, amortization and depletion	$9,389,090	$3,729,157

6_Oil_and_Gas_Properties_Detai

6. Oil and Gas Properties (Details-Gross and Net Wells)	Dec. 31, 2014	Dec. 31, 2013
Productive oil wells, gross	247	153
Productive oil wells, net	7.88	4.87
North Dakota
Productive oil wells, gross	242	152
Productive oil wells, net	7.51	4.79
Montana
Productive oil wells, gross	5	1
Productive oil wells, net	0.37	0.08

6_Oil_and_Gas_Properties_Detai1

6. Oil and Gas Properties (Details-Capitalized Costs) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Purchases of oil and gas properties and development costs for cash	$24,739,407	$32,025,724
Purchase of oil and gas properties accrued at year-end	9,364,796	7,953,801
Purchase of oil and gas properties accrued at the beginning of the year	-7,953,801	-2,618,145
Advances to operators applied to development of oil and gas properties	6,036,748	2,218,237
Capitalized asset retirement obligations	103,778	84,501
Total purchase and development costs, oil and gas properties	$32,290,928	$39,664,118

6_Oil_and_Gas_Properties_Detai2

6. Oil and Gas Properties (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	acre	acre
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Oil and gas assets, net acres	10,000	14,300
Oil and gas acreage acquired	374	3,571
Oil and gas properties acquired, cost	$3,102,568	$24,693,145
Oil and gas acreage sold	502	189
Proceeds from oil and gas diverstitures	1,441,929	608,387
Acreage swap		In 2013, we traded 950B acres to an operator in exchange for 160B acres in a different geographic location and a drilling carry for the well costs for our interests in 2B gross (0.12B net) wells valued at $1,200,000.
Undeveloped acreage expirations	4,202	543
Undeveloped agreage expirations carrying costs	$6,198,163	$833,884

7_Asset_Retirement_Obligation_1

7. Asset Retirement Obligation (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]
Beginning Asset Retirement Obligation	$160,665	$67,145
Revision in estimate of asset retirement obligation	0	-19,848
Liabilities incurred for new wells placed in production	103,778	70,698
Liabilities assumed in acquisition	0	33,651
Accretion of discount on asset retirement obligations	22,361	9,019
Ending asset retirement obligation	$286,804	$160,665

8_Derivative_Instruments_Detai

8. Derivative Instruments (Details-Oustanding Derivative Contracts)	12 Months Ended
	Dec. 31, 2014
	bbl
Crude Oil Swaps 1 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2015 B December 31, 2015
Outstanding derivative contracts, amount of oil (in Barrels)	24,000
Outstanding derivative contract, fixed price	88.28
Crude Oil Swaps 2 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2015 B December 31, 2015
Outstanding derivative contracts, amount of oil (in Barrels)	21,000
Outstanding derivative contract, fixed price	89.7
Crude Oil Swaps 3 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2015 B December 31, 2015
Outstanding derivative contracts, amount of oil (in Barrels)	12,000
Outstanding derivative contract, fixed price	92.38
Crude Oil Swaps 4 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2015 B December 31, 2015
Outstanding derivative contracts, amount of oil (in Barrels)	30,000
Outstanding derivative contract, fixed price	90.16
Crude Oil Swaps 5 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2016 B December 31, 2016
Outstanding derivative contracts, amount of oil (in Barrels)	60,000
Outstanding derivative contract, fixed price	90.36
Crude Oil Swaps 6 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2016 B December 31, 2016
Outstanding derivative contracts, amount of oil (in Barrels)	24,000
Outstanding derivative contract, fixed price	88.15
Crude Oil Swaps 7 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2017 B December 31, 2017
Outstanding derivative contracts, amount of oil (in Barrels)	78,000
Outstanding derivative contract, fixed price	87.18
Crude Oil Costless Collars1 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2015 - December 31, 2015
Outstanding derivative contracts, amount of oil (in Barrels)	36,000
Outstanding derivative contracts Floor/Ceiling basis	NYMEX
Crude Oil Costless Collars1 [Member] | Minimum [Member]
Outstanding derivative contract, fixed price	75
Crude Oil Costless Collars1 [Member] | Maximum [Member]
Outstanding derivative contract, fixed price	95.6
Crude Oil Costless Collars 2 [Member]
Outstanding derivative contracts Settlement Period	January 1, 2016 - June 30, 2016
Outstanding derivative contracts, amount of oil (in Barrels)	10,002
Outstanding derivative contracts Floor/Ceiling basis	NYMEX
Crude Oil Costless Collars 2 [Member] | Minimum [Member]
Outstanding derivative contract, fixed price	80
Crude Oil Costless Collars 2 [Member] | Maximum [Member]
Outstanding derivative contract, fixed price	89.5

8_Derivative_Instruments_Detai1

8. Derivative Instruments (Details-Derivative Gains and Losses) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Realized loss on derivatives, net	$511,451	$53,482
Gain (loss) on the mark-to-market of derivatives, net	7,793,421	-213,676
Crude Oil Fixed Price Swap [Member]
Realized loss on derivatives, net	511,451	53,482
Gain (loss) on the mark-to-market of derivatives, net	6,827,126	-134,293
Crude Oil Collars [Member]
Realized loss on derivatives, net	0	0
Gain (loss) on the mark-to-market of derivatives, net	$966,295	($79,383)

8_Derivative_Instruments_Detai2

8. Derivative Instruments (Details-Derivative Liabilities and Assets) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Commodity derivative assets	$7,579,745	$0
Commodity derivative liabilities	0	-213,676
Gross amounts of recognized assets
Commodity derivative assets	7,620,896	0
Commodity derivative liabilities	0	-396,573
Gross amounts offset on balance sheet
Commodity derivative assets	-41,151	0
Commodity derivative liabilities	$0	$182,897

8_Derivative_Instruments_Detai3

8. Derivative Instruments (Details-Reconciliation of derivatives) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$3,571,803	$0
Noncurrent derivative assets	4,007,942	0
Net amount of assets on the balance sheet	7,579,745	0
Derivative liabilities	0	-139,065
Noncurrent derivative liabilities	0	-74,611
Net amounts of liabilities on the balance sheet	0	-213,676
Total derivative liabilities, net	$7,579,745	($213,676)

8_Derivative_Instruments_Detai4

8. Derivative Instruments (Details Narrative)	12 Months Ended
	Dec. 31, 2014
	bbl
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total volume on open commodity swaps, barrels	249,000
Weighted average price per barrel	88.97

9_Fair_Value_of_Financial_Inst2

9. Fair Value of Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Cash and cash Equivalents	$94,682	$1,150,347
Derivative Instruments (crude oil swaps and collars)	0
Total assets	94,682	1,150,347
Liabilities
Derivative Instruments (crude oil swaps and collars)		0
Revolving credit facilities and long term debt, net of discounts	0	0
Total Liabilities	0	0
Total Assets and Liablilties	94,682	1,150,347
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Cash and cash Equivalents	0
Derivative Instruments (crude oil swaps and collars)	7,579,745
Total assets	7,579,745
Liabilities
Revolving credit facilities and long term debt, net of discounts	51,834,603
Total Liabilities	51,834,603
Total Assets and Liablilties	-44,254,858
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Cash and cash Equivalents	0	0
Derivative Instruments (crude oil swaps and collars)	0
Total assets	0	0
Liabilities
Derivative Instruments (crude oil swaps and collars)		0
Revolving credit facilities and long term debt, net of discounts	0	0
Total Liabilities	0	0
Total Assets and Liablilties	0	0
Contingent Consideration Receivable | Level 2 [Member]
Assets
Cash and cash Equivalents		0
Total assets		0
Liabilities
Derivative Instruments (crude oil swaps and collars)		213,676
Revolving credit facilities and long term debt, net of discounts		30,556,301
Total Liabilities		30,769,977
Total Assets and Liablilties		($30,769,977)

10_Revolving_Credit_Facilities2

10. Revolving Credit Facilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Total credit facilities and long term debts	$53,907,086	$33,201,883
Less: Unamortized OID	-426,734	-371,638
Less: Unamortized debt discount attributable to warrants	-1,645,749	-2,273,944
Total credit facilities and long term debts, net of discounts	51,834,603	30,556,301
Less: current maturities	0	0
Long term portion of credit facilities and long term debts	51,834,603	30,556,301
Senior Revolving Credit Facility, Cadence Bank, N.A.
Total credit facilities and long term debts	22,600,000	13,000,000
Subordinated Credit Agreement, Chambers
Total credit facilities and long term debts	30,000,000	20,000,000
PIK Interest on Subordinated Credit Agreement, Chambers
Total credit facilities and long term debts	$1,307,086	$201,883

10_Revolving_Credit_Facilities3

10. Revolving Credit Facilities (Details-Interest expense) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Revolving Credit Facilities, interest	$5,285,236	$2,380,359
Accrued PIK interest
Revolving Credit Facilities, interest	1,105,203	201,883
Amortization of OID
Revolving Credit Facilities, interest	144,904	28,362
Interest and commitment fees
Revolving Credit Facilities, interest	3,453,349	1,092,372
Amortization of debt issuance costs
Revolving Credit Facilities, interest	326,258	749,920
Amortization of warrant costs
Revolving Credit Facilities, interest	628,195	307,822
Capitalized interest
Revolving Credit Facilities, interest	($372,673)	$0

11_Stockholders_Equity_Details

11. Stockholders' Equity (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000

12_Options_DetailsOptions_Gran

12. Options (Details-Options Granted) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Number of options granted	632,500	2,657,500
Options fair value	$184,787	$1,432,638
Share based compensation expense	4,311	286,520
Options expense recognized in 2013	0	85,140
Option Granted 1 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	Kenneth DeCubellis, CEO	Kenneth DeCubellis, CEO
Number of options granted	58,000	750,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	12,974	425,595
Share based compensation expense	64	85,120
Options expense recognized in 2013	0	4,431
Option Granted 2 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	James Moe, CFO	James Moe, CFO
Number of options granted	40,000	200,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	8,947	113,492
Share based compensation expense	44	22,700
Options expense recognized in 2013	0	1,182
Option Granted 3 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	Michael Eisele, COO	Michael Eisele, COO
Number of options granted	40,000	250,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	8,947	141,865
Share based compensation expense	44	28,372
Options expense recognized in 2013	0	1,477
Option Granted 4 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	Employee	Employee
Number of options granted	36,000	175,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	8,053	99,306
Share based compensation expense	40	19,860
Options expense recognized in 2013	0	1,034
Option Granted 5 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	Employee	Employee
Number of options granted	12,000	25,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	2,684	14,187
Share based compensation expense	13	2,836
Options expense recognized in 2013	0	148
Option Granted 6 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	Employee	Employee
Number of options granted	12,000	10,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	2,684	5,675
Share based compensation expense	13	1,136
Options expense recognized in 2013	0	59
Option Granted 7 [Member]
Options grant date	22-Dec-14	12-Dec-13
Options recipient	Employee	Joseph Lahti, Director
Number of options granted	2,000	100,000
Options strike price	0.28	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	198.00%	117.00%
Options call value	$0.22	$0.57
Options fair value	447	56,746
Share based compensation expense	2	11,348
Options expense recognized in 2013	0	591
Option Granted 8 [Member]
Options grant date	8-Dec-14	12-Dec-13
Options recipient	Joseph Lahti, Director	Benjamin Oehler, Director
Number of options granted	100,000	100,000
Options strike price	0.374	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	202.00%	117.00%
Options call value	$0.30	$0.57
Options fair value	29,563	56,746
Share based compensation expense	372	11,348
Options expense recognized in 2013	0	591
Option Granted 9 [Member]
Options grant date	8-Dec-14	12-Dec-13
Options recipient	Benjamin Oehler, Director	Bradley Berman, Director
Number of options granted	100,000	100,000
Options strike price	0.374	0.65
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	202.00%	117.00%
Options call value	$0.30	$0.57
Options fair value	29,563	56,746
Share based compensation expense	372	11,348
Options expense recognized in 2013	0	591
Option Granted 10 [Member]
Options grant date	8-Dec-14	30-Oct-13
Options recipient	Bradley Berman, Director	Employee
Number of options granted	100,000	20,000
Options strike price	0.374	0.63
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	202.00%	114.00%
Options call value	$0.30	$0.54
Options fair value	29,563	10,886
Share based compensation expense	372	2,176
Options expense recognized in 2013	0	370
Option Granted 11 [Member]
Options grant date	1-Dec-14	1-Aug-13
Options recipient	Employee	Michael Eisele, COO(2)
Number of options granted	100,000	165,000
Options strike price	0.379	0.64
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	193.00%	114.00%
Options call value	$0.30	$0.55
Options fair value	29,988	91,087
Share based compensation expense	500	18,216
Options expense recognized in 2013	0	7,590
Option Granted 12 [Member]
Options grant date	10-Feb-14	24-Jan-13
Options recipient	Employee	Employee
Number of options granted	27,500	12,500
Options strike price	0.782	0.56
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	116.00%	110.00%
Options call value	$0.68	$0.47
Options fair value	18,639	5,907
Share based compensation expense	1,976	1,180
Options expense recognized in 2013	0	1,099
Option Granted 13 [Member]
Options grant date	30-Jan-14	24-Jan-13
Options recipient	Employee	Employee
Number of options granted	5,000	70,000
Options strike price	0.63	0.56
Options term in years	10 years	10 years
Options vesting term in years	5 years	5 years
Options volatility	115.00%	110.00%
Options call value	$0.55	$0.47
Options fair value	2,735	33,077
Share based compensation expense	499	6,616
Options expense recognized in 2013	0	6,158
Option Granted 14 [Member]
Options grant date		24-Jan-13
Options recipient		Michael Eisele, COO
Number of options granted		165,000
Options strike price		0.56
Options term in years		10 years
Options vesting term in years		5 years
Options volatility		110.00%
Options call value		$0.47
Options fair value		77,968
Share based compensation expense		15,592
Options expense recognized in 2013		14,514
Option Granted 15 [Member]
Options grant date		24-Jan-13
Options recipient		James Moe, CFO
Number of options granted		115,000
Options strike price		0.56
Options term in years		10 years
Options vesting term in years		5 years
Options volatility		110.00%
Options call value		$0.47
Options fair value		54,341
Share based compensation expense		10,868
Options expense recognized in 2013		10,116
Option Granted 16 [Member]
Options grant date		24-Jan-13
Options recipient		Kenneth DeCubellis, CEO
Number of options granted		400,000
Options strike price		0.56
Options term in years		10 years
Options vesting term in years		5 years
Options volatility		110.00%
Options call value		$0.47
Options fair value		189,014
Share based compensation expense		37,804
Options expense recognized in 2013		$35,189

12_Options_DetailsSummary

12. Options (Details-Summary) (Options, USD $)	12 Months Ended
	Dec. 31, 2014
Options
Range of exercise price, lower limit	$0.03
Range of exercise price, upper limit	$1
Shares Underlying Options Outstanding	7,208,834
Weighted Average Remaining Contractual Life	7 years 9 months 7 days
Weighted Average Exercise Price	$0.56
Shares Underlying Options Exercisable	3,114,501
Weighted Average Exercise Price Exercisable	$0.65

12_Options_DetailsAssumptions

12. Options (Details-Assumptions) (Options)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Options
Average risk-free interest rates	2.00%	1.92%
Average expected life (in years)	5 years	5 years
Volatility	97.00%	114.00%

12_Options_DetailsOptions_Outs

12. Options (Details-Options Outstanding) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Shares
Shares Granted	632,500	2,657,500
Options
Shares
Shares Outstanding, Beginning	6,639,834	4,149,001
Shares Expired	-36,000	0
Shares Cancelled	-27,500	-166,667
Shares Granted	632,500	2,657,500
Shares Exercised	0	0
Shares Outstanding, Ending	7,208,834	6,639,834
Shares Exercisable, Ending	3,114,501
Weighted Average Exercise Price
Outstanding, Beginning	0.59	0.58
Expired	-0.65	0
Cancelled	-0.78	-1
Granted	0.36	0.62
Exercised	0	0
Outstanding, Ending	0.56	0.59
Exercisable, Ending	0.65

12_Options_Details_Narrative

12. Options (Details Narrative) (Options, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Options
Compensation expense	$578,919	$643,817

13_Warrants_DetailsSummary

13. Warrants (Details-Summary) (Warrants, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Warrants
Range of exercise prices, lower limit	$0.38
Range of exercise prices, upper limit	$1.50
Shares underlying warrants outstanding	9,133,375	9,463,375	4,463,375
Weighted Average Remaining Contractual Life	2 years 7 months 10 days
Weighted Average Exercise Price	$0.92	$0.94	$1.26
Shares underlying warrants exercisable	9,133,375
Weighted Average Exercise Price Exercisable	0.92

13_Warrants_DetailsAssumptions

13. Warrants (Details-Assumptions) (Warrants)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Warrants
Average risk-free interest rates		1.38%
Average expected life (in years)		5 years
Volatility		114.00%

13_Warrants_DetailsWarrants_Ou

13. Warrants (Details-Warrants Outstanding) (Warrants, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Warrants
Shares
Warrants outstanding, beginning balance	9,463,375	4,463,375
Warrants expired	0	0
Warrants cancelled	-330,000	0
Warrants granted	0	5,000,000
Warrants exercised	0	0
Warrants outstanding, ending balance	9,133,375	9,463,375
Warrants exercisable	9,133,375
Weighted Average Exercise Price
Weighted price, beginning balance	$0.94	$1.26
Weighted price, warrants cancelled	($1.50)	$0
Weighted price, warrants granted	$0	$0.65
Warrants outstanding, ending balance	$0.92	$0.94
Weighted price, warrants exercisable	$0.92

13_Warrants_Details_Narrative

13. Warrants (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Amortization of debt discounts, warrants	$628,195	$199,632
Warrants
Unamortized balance of warrants	$1,645,749

14_Income_Taxes_DetailsIncome_

14. Income Taxes (Details-Income Tax Provision) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current taxes	$0	$0
Deferred tax provision (benefit)	2,559,195	-698,851
Valuation allowance	0	0
Net income tax provision (benefit)	$2,559,195	($698,851)

14_Income_Taxes_DetailsEffecti

14. Income Taxes (Details-Effective tax rate)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	35.00%	35.00%
State income taxes	2.09%	2.35%
Effect of statutory rate change on deferred taxes	-0.35%	34.49%
Permanent differences	0.07%	-0.17%
Change in valuation allowance	0.22%	-8.23%
Net effective income tax rate	37.03%	63.44%

14_Income_Taxes_DetailsDeferre

14. Income Taxes (Details-Deferred Tax Assets) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Federal and state net operating loss carryovers	$10,438,275	$7,465,973
Stock compensation	1,558,409	1,118,426
Derivative liabilities	0	79,806
Reorganization costs	49,693	50,040
Asset retirement obligation	106,377	60,007
Total deferred tax assets	12,152,754	8,774,252
Deferred tax liabilities:
Ceiling test impairment, intangible drilling costs and other exploration costs capitalized for financial reporting purposes	-15,344,769	-12,229,818
Derivative assets	-2,811,366	0
Property and equipment	-10,107	-13,764
Total deferred liabilities	-18,166,242	-12,243,582
Net deferred tax liabilities	-6,013,488	-3,469,330
Less: valuation allowance	-579,552	-564,515
Deferred tax liabilities	($6,593,040)	($4,033,845)

14_Income_Taxes_Details_Narrat

14. Income Taxes (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Operating loss carryover	$28,142,712
Loss carryover expiration date	31-Dec-32

15_Commitments_and_Contingenci1

15. Commitments and Contingencies (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Commitment to AFE (approximately)	$16,500,000
Proforma oil and gas revenue		13,511,159
State of North Dakota[Member]
Proforma oil and gas revenue	230,000	451,000	468,000
Proforma oil and gas expenses	$63,000	$110,000	$124,000