AgEagle Aerial Systems (UAVS) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 16, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	EnerJex Resources, Inc.
Entity Central Index Key	8,504
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ENRJ
Entity Common Stock, Shares Outstanding		8,423,936

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 3,040,648	$ 805,524
Restricted Cash	192,969	0
Accounts receivable	1,022,458	1,278,509
Derivative receivable	2,996,284	3,736,005
Inventory	234,690	248,218
Marketable securities	210,990	1,018,573
Deposits and prepaid expenses	436,672	324,339
Total current assets	8,134,711	7,411,168
Non-current assets:
Fixed assets, net of accumulated depreciation of $1,622,860 and $1,945,607	2,029,914	2,404,703
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $14,859,675 and $13,827,347	23,208,551	64,263,272
Derivative receivable	930,048	985,746
Other non-current assets	99,355	993,207
Total non-current assets	26,267,868	68,646,928
Total assets	34,402,579	76,058,096
Current liabilities:
Accounts payable	782,035	3,042,835
Accrued liabilities	1,137,477	1,096,521
Current portion of long term debt	600,000	0
Total current liabilities	2,519,512	4,139,356
Asset retirement obligation	3,110,245	2,906,093
Long-term debt	18,450,000	23,011,660
Total non-current liabilities	21,560,245	25,917,753
Total liabilities	$ 24,079,757	$ 30,057,109
Commitments & Contingencies
Stockholders' Equity:
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 8,423,936 at September 30, 2015 and 7,643,114 at December 31, 2014	$ 8,424	$ 7,643
Paid-in capital	68,808,807	63,825,998
Accumulated other comprehensive income	0	(552,589)
Retained (deficit)	(58,495,350)	(17,280,817)
Total stockholder’s equity	10,322,822	46,000,987
Total liabilities and stockholders' equity	34,402,579	76,058,096
10% Series A Cumulative Redeemable Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock Value	939	752
Series B Convertable Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock Value	$ 2	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,622,860	$ 1,945,607
Properties using full-cost accounting	$ 14,859,675	$ 13,827,347
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	8,423,936	7,643,114
Common stock, shares outstanding	8,423,936	7,643,114
10% Series A Cumulative Redeemable Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	938,248	751,815
Preferred Stock Shares Outstanding	938,248	751,815
Series B Convertable Preferred Stock [Member]
Preferred stock, par value	$ 0.001
Preferred stock, shares authorized	1,764
Preferred stock, shares issued	1,764
Preferred Stock Shares Outstanding	1,764

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Oil revenues	$ 943,597	$ 3,530,610	$ 3,822,466	$ 10,787,788
Natural gas revenues	85,793	280,078	290,246	827,273
Total revenues	1,029,390	3,810,688	4,112,712	11,615,061
Expenses:
Direct operating costs	859,688	1,920,968	3,308,069	4,964,009
Depreciation, depletion and amortization	112,288	899,177	1,200,521	2,495,317
Impairment of oil and gas asset	9,720,983	0	37,543,972	0
Professional fees	136,464	126,581	487,287	578,696
Salaries	471,756	396,899	1,485,515	1,076,334
Administrative expense	95,700	243,136	525,733	635,364
Total expenses	11,396,879	3,586,761	44,551,097	9,749,720
Income (loss) from operations	(10,367,489)	223,927	(40,438,385)	1,865,341
Other income (expense):
Interest expense	(306,933)	(267,764)	(937,638)	(1,005,431)
Gain (loss) on derivatives	941,076	1,831,105	(1,234,573)	20,012
Other income	787,526	399	2,998,869	4,574
Total other income (expense)	1,421,669	1,563,740	826,658	(980,845)
Net income (loss)	(8,945,820)	1,787,667	(39,611,727)	884,496
Net income (loss)	(8,945,820)	1,787,667	(39,611,727)	884,496
Preferred dividends	(586,404)	(522,398)	(1,602,806)	(1,378,135)
Net income (loss) attributable to common stockholders	$ (9,532,224)	$ 1,265,269	$ (41,214,533)	$ (493,639)
Net income (loss) per share basic and diluted	$ (1.13)	$ 0.17	$ (5.02)	$ (0.07)
Weighted average shares	8,424,146	7,642,748	8,212,396	7,426,949

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income (loss)	$ (39,611,727)	$ 884,496
Depreciation, depletion and amortization	1,200,521	2,495,317
Impairment of oil and gas assets	37,543,972	0
Stock, options and warrants issued for services	314,965	460,343
Accretion of asset retirement obligation	206,397	191,348
Settlement of asset retirement obligation	(2,244)	(90,524)
Loss (gain) on derivatives	1,626,112	(1,104,559)
Loss on sale of fixed assets	13,661	181
Adjustments to reconcile net income to cash from operating activities:
Accounts receivable	256,051	603,495
Inventory	13,528	(25,207)
Prepaid expenses	(112,333)	(206,638)
Accounts payable	(2,260,800)	305,290
Accrued liabilities	66,988	(1,096,538)
Cash flows (used in) provided by operating activities	(744,909)	2,417,004
Cash flows from investing activities
Purchase of fixed assets	21,289	(238,148)
Additions to oil and gas properties	(221,524)	(5,162,656)
Proceeds from the sale of oil and gas assets	2,867,303	987,939
Proceeds from the sale of fixed assets	4,285	0
Proceeds from liquidation of marketable securities	1,360,172	0
Cash flows used in investing activities	4,031,525	(4,412,865)
Cash flows from financing activities
Payments on long-term debt	(4,487,692)	(14,027,287)
Proceeds from borrowings	500,000	3,500,000
Proceeds from sale of preferred stock	4,668,816	13,350,731
Deferred financing costs	63,159	(196,960)
Dividends paid on preferred stock	(1,602,806)	(1,378,135)
Cash flows provided by financing activities	(858,523)	1,248,349
Net increase (decrease) in cash	2,428,093	(747,512)
Cash - beginning	805,524	1,308,196
Cash - ending	3,233,617	560,684
Supplemental disclosures:
Interest paid	462,160	503,571
Income taxes paid	0	0
Non-cash transactions:
Share based payments issued for services	$ 314,965	$ 460,343

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The unaudited condensed consolidated financial statements of EnerJex Resources, Inc. (“we”, “us”, “our”, “EnerJex” and “Company”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and reflect all adjustments which, in the opinion of management, are necessary for a fair presentation. All such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative of the results to be expected for a full year. Certain amounts in the prior year statements have been reclassified to conform to the current year presentations. The statements should be read in conjunction with the financial statements and footnotes thereto included in our Annual Report Form 10-K for the fiscal year ended December 31, 2014. Our consolidated financial statements include the accounts of our wholly-owned subsidiaries, EnerJex Kansas, Inc., Black Sable Energy, LLC, Working Interest, LLC and Black Raven Energy, Inc. for the three month and nine month periods ended September 30, 2015 and for the year ended December 31, 2014. All intercompany transactions and accounts have been eliminated in consolidation.

Stock Options

Stock Options	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock Options	Note 2 - Stock Options Weighted Weighted Avg. Avg. Exercise Exercise Options Price Warrants Price Outstanding December 31, 2014 231,332 $ 9.33 - $ - Granted 67,332 9.85 1,904,286 2.75 Cancelled (4,167) 10.50 - - Exercised - - - - Outstanding September 30, 2015 294,497 $ 9.74 1,904,286 $ 2.75

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3 – Fair Value Measurements We hold certain financial assets which are required to be measured at fair value on a recurring basis in accordance with the Statement of Financial Accounting Standard No. 157, "Fair Value Measurements" Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. We consider the derivative liability to be Level 2. We determine the fair value of the derivative liability utilizing various inputs, including NYMEX price quotations and contract terms. Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider our marketable securities to be Level 3 Our derivative instruments consist of fixed price commodity swaps and deferred premium puts. Fair Value Measurement Level 1 Level 2 Level 3 Crude oil contracts $ - $ 3,095,639 $ - Marketable Securities $ - $ - $ 210,990

Asset Retirement Obligation

Asset Retirement Obligation	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation [Abstract]
Asset Retirement Obligation	Note 4 - Asset Retirement Obligation Our asset retirement obligations relate to the liabilities associated with the abandonment of oil and natural gas wells. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, inflation rates and credit adjusted risk-free interest rates. The following shows the changes in asset retirement obligations: Asset retirement obligations, December 31, 2014 $ 2,906,092 Liabilities incurred during the period - Liabilities settled during the period (2,244) Accretion 206,397 Asset retirement obligations, September 30, 2015 $ 3,110,245

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments [Abstract]
Derivative Instruments	Note 5 - Derivative Instruments We have entered into certain derivative or physical arrangements with respect to portions of our crude oil production to reduce our sensitivity to volatile commodity prices and/or to meet hedging requirements under our Credit Facility. We believe that these derivative arrangements, although not free of risk, allow us to achieve a more predictable cash flow and to reduce exposure to commodity price fluctuations. However, derivative arrangements limit the benefit of increases in the prices of crude oil. Moreover, our derivative arrangements apply only to a portion of our production. We have an Inter-creditor Agreement in place between us, our counterparties, BP Corporation North America, Inc. ("BP") and Cargill Incorporated (“Cargill”) and our agent Texas Capital Bank, N.A., which allows Texas Capital Bank to also act as agent for the counterparties for the purpose of holding and enforcing any liens or security interests resulting from our derivative arrangements. Therefore, we are not required to post additional collateral, including cash. Term Monthly Volumes Price/Bbl Fair Value Deferred premium put 1/16-6/16 9,000 Bbls $ 85.00 $ 1,711,832 Crude oil swap 1/15-12/15 5,800 Bbls $ 88.55 744,314 Deferred premium put 7/16-12/16 5,000 Bbls $ 60.00 205,253 Crude oil swap 7/11-12/15 3,000 Bbls $ 83.70 341,340 Crude oil swap 7/12-12/15 1,000 Bbls $ 76.74 92,900 $ 3,095,639 Monthly volume is the weighted average throughout the period. The total fair value of derivative contracts is shown as a derivative receivable in both the current and non-current sections of the balance sheet.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Long-Term Debt [Abstract]
Long-Term Debt	Note 6 - Long-Term Debt Senior Secured Credit Facility On October 3, 2011, the Company and DD Energy, Inc., EnerJex Kansas, Inc., Black Sable Energy, LLC and Working Interest, LLC ("Borrowers") entered into an Amended and Restated Credit Agreement with Texas Capital Bank, N.A. (the “Bank”) and other financial institutions and banks that may become a party to the Credit Agreement from time to time. The facilities provided under the Amended and Restated Credit Agreement were used to refinance Borrowers’ prior outstanding revolving loan facility with Bank, dated July 3, 2008, and for working capital and general corporate purposes. At our option, loans under the facility will bear stated interest based on the Base Rate plus Base Rate Margin, or Floating Rate plus Floating Rate Margin (as those terms are defined in the Credit Agreement). The Base Rate will be, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 0.50 0.00 0.75 2.25 3.00 On December 15, 2011, we entered into a First Amendment to Amended and Restated Credit Agreement and Second Amended and Restated Promissory Note in the amount of $ 50,000,000 On August 31, 2012, we entered into a Second Amendment to Amended and Restated Credit Agreement with the Bank. The Second Amendment: (i) increased our borrowing base to $ 7,000,000 3.75 On November 2, 2012, we entered into a Third Amendment to Amended and Restated Credit Agreement with the Bank. The Third Amendment (i) increased our borrowing base to $ 12,150,000 On January 24, 2013, we entered into a Fourth Amendment to Amended and Restated Credit Agreement, which was made effective as of December 31, 2012 with the Bank. The Fourth Amendment reflects the following changes: (i) the Bank consented to the restructuring transactions related to the dissolution of Rantoul Partners, and (ii) the Bank terminated a Limited Guaranty, as defined in the Credit Agreement, executed by Rantoul Partners in favor of the Bank. On April 16, 2013, the Bank increased our borrowing base to $ 19.5 On September 30, 2013, we entered into a Fifth Amendment to the Amended and Restated Credit Agreement. The Fifth Amendment reflects the following changes: (i) an expanded principal commitment amount of the Bank to $ 100,000,000 38,000,000 3.30 On November 19, 2013, we entered into a Sixth Amendment to the Amended and Restated Credit Agreement. The Sixth Amendment reflects the following changes: (i) the addition of Iberia Bank as a participant in our credit facility, and (ii) a technical correction to our covenant calculations. On May 22, 2014, we entered into a Seventh Amendment to the Amended and Restated Credit Agreement. The Seventh Amendment reflects the Bank’s consent to our issuance of up to 850,000 10 On August 15, 2014, we entered into an Eighth Amendment to the Amended and Restated Credit Agreement. The Eighth Amendment reflects the following changes: (i) the borrowing base was increased from $ 38 40 On April 29, 2015, we entered into a Ninth Amendment to the Amended and Restated Credit Agreement. In the Ninth Amendment, the Banks (i) re-determined the Borrowing Base based upon the recent Reserve Report dated January 1, 2015, (ii) imposed affirmative obligations on the Company to use a portion of proceeds received with regard to future sales of securities or certain assets to repay the loan, (iii) consented to non-compliance by the Company with certain terms of the Credit Agreement, (iv) waived certain provisions of the Credit Agreement, and (v) agreed to certain other amendments to the Credit Agreement. On May 1, 2015, the Borrowers and the Banks entered into a Letter Agreement to clarify that up to $ 1,000,000 On August 12, 2015, we entered into a Tenth Amendment to the Amended and Restated Credit Agreement. The Tenth Amendment reflects the following changes: (i) allow the Company to sell certain oil assets in Kansas, (ii) allow for approximately $ 1,300,000 1,500,000 Our current borrowing base is $ 19,050,000 19,050,000 4.3 3.3 October 3, 2018

Commitments & Contingencies

Commitments & Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments & Contingencies	Note 7 Commitments & Contingencies As of September 30, 2015 the Company had an outstanding irrevocable letter of credit in the amount of $ 50,000 Rent expense for the nine months ended September 30, 2015 and 2014 was approximately $ 112,000 123,000 43,000 147,000 145,000 90,000 77,000

Equity Transactions

Equity Transactions	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity Transactions	Note 8 Equity Transactions On January 15, 2015, 67,332 On March 13, 2015, the Company issued in a registered offering 763,547 709,812 521.62076 298,069 1,771,428 9.99 The Preferred Stock has a liquidation preference of $ 1,000 571 2.75 On May 13, 2015 the Company sold 183,433 10 12.50 2.3 The offering was made pursuant to a registration statement on Form S-3 (File No. 333-199030) previously filed and declared effective by the U.S. Securities and Exchange Commission (SEC). On June 10, 2015 the Company issued 17,500 3,000 10

Impairment of Oil and Gas Prope

Impairment of Oil and Gas Properties	9 Months Ended
	Sep. 30, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Impairment of Oil and Gas Properties	Note 9 Impairment of Oil and Gas Properties Pursuant to full cost accounting rules, the Company must perform a ceiling test each quarter on its proved oil and natural gas assets within each separate cost center. All of the Company’s costs are included in one cost center because all of the Company’s operations are located in the United States. The Company’s ceiling test was calculated using trailing twelve-month, unweighted-average first-day-of-the-month prices for oil and natural gas as of September 30, 2015, which were based on a West Texas Intermediate oil price of $ 59.21 3.06 71.68 3.39 78.82 3.74 9.7 11.4 16.4

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 10 Subsequent Events On November 4, 2015 the Company suspended the monthly dividend for the month of November 2015 on its 10.00% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) in order to preserve its cash resources. Payment of future dividends on the Series A Preferred Stock will be determined by the Company’s Board of Directors. Under the terms of the Series A Preferred Stock, the dividend for the month of November 2015, and any future unpaid dividends, will accumulate. If the Company does not pay dividends on its Series A Preferred Stock for six monthly periods (whether consecutive or non-consecutive), the dividend rate will increase to 12.0 We have reviewed all material events through the date of this report in accordance with ASC 855-10.

Stock Options (Tables)

Stock Options (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Summary of Stock Options	A summary of stock options is as follows: Weighted Weighted Avg. Avg. Exercise Exercise Options Price Warrants Price Outstanding December 31, 2014 231,332 $ 9.33 - $ - Granted 67,332 9.85 1,904,286 2.75 Cancelled (4,167) 10.50 - - Exercised - - - - Outstanding September 30, 2015 294,497 $ 9.74 1,904,286 $ 2.75

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements [Abstract]
Variable to Fixed Price Commodity Swaps Derivative Instruments	Our derivative instruments consist of fixed price commodity swaps and deferred premium puts. Fair Value Measurement Level 1 Level 2 Level 3 Crude oil contracts $ - $ 3,095,639 $ - Marketable Securities $ - $ - $ 210,990

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation [Abstract]
Changes in Asset Retirement Obligations	The following shows the changes in asset retirement obligations: Asset retirement obligations, December 31, 2014 $ 2,906,092 Liabilities incurred during the period - Liabilities settled during the period (2,244) Accretion 206,397 Asset retirement obligations, September 30, 2015 $ 3,110,245

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments [Abstract]
Derivative Contracts	The following derivative contracts were in place at September 30, 2015: Term Monthly Volumes Price/Bbl Fair Value Deferred premium put 1/16-6/16 9,000 Bbls $ 85.00 $ 1,711,832 Crude oil swap 1/15-12/15 5,800 Bbls $ 88.55 744,314 Deferred premium put 7/16-12/16 5,000 Bbls $ 60.00 205,253 Crude oil swap 7/11-12/15 3,000 Bbls $ 83.70 341,340 Crude oil swap 7/12-12/15 1,000 Bbls $ 76.74 92,900 $ 3,095,639

Stock Options (Summary of stock

Stock Options (Summary of stock options) (Detail)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Options
Options Outstanding, Beginning Balance | shares	231,332
Options Granted | shares	67,332
Options Cancelled | shares	(4,167)
Options Exercised | shares	0
Options Outstanding, Ending Balance | shares	294,497
Weighted Avg. Exercise Price
Weighted Avg. Exercise Price Outstanding, Beginning Balance	$ 9.33
Weighted Avg. Exercise Price Granted	9.85
Weighted Avg. Exercise Price Cancelled	10.50
Weighted Avg. Exercise Price Exercised	0
Weighted Avg. Exercise Price Outstanding, Ending balance	$ 9.74
Warrants
Warrants Outstanding | shares	0
Warrants Granted | shares	1,904,286
Warrants Cancelled | shares	0
Warrants Exercised | shares	0
Warrants Outstanding | shares	1,904,286
Weighted Avg. Exercise Price
Weighted Avg. Exercise Price Outstanding, Beginning Balance	$ 0
Weighted Avg. Exercise Price Granted	2.75
Weighted Avg. Exercise Price Cancelled	0
Weighted Avg. Exercise Price Exercised	0
Weighted Avg. Exercise Price Outstanding, Ending balance	$ 2.75

Fair Value Measurements (Variab

Fair Value Measurements (Variable to Fixed Price Commodity Swaps Derivative Instruments) (Detail)	Sep. 30, 2015USD ($)
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil contracts	$ 0
Marketable Securities	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil contracts	3,095,639
Marketable Securities	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil contracts	0
Marketable Securities	$ 210,990

Asset Retirement Obligation (Ch

Asset Retirement Obligation (Changes in Asset Retirement Obligations) (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Reconciliation Of Changes In Asset Retirement Obligations [Line Items]
Asset retirement obligations, December 31, 2014	$ 2,906,093
Liabilities incurred during the period	0
Liabilities settled during the period	(2,244)
Accretion	206,397	$ 191,348
Asset retirement obligations, September 30, 2015	$ 3,110,245

Derivative Instruments (Derivat

Derivative Instruments (Derivative Contracts) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)$ / Barrel-bblbbl
Derivative [Line Items]
Fair Value	$ 3,095,639
Deferred premium put | Derivative Instrument 1
Derivative [Line Items]
Monthly Volumes Bbls | bbl	9,000
Price/bbl | $ / Barrel-bbl	85
Fair Value	$ 1,711,832
Deferred premium put | Derivative Instrument 3
Derivative [Line Items]
Monthly Volumes Bbls | bbl	5,000
Price/bbl | $ / Barrel-bbl	60
Fair Value	$ 205,253
Deferred premium put | Minimum | Derivative Instrument 1
Derivative [Line Items]
Term	2016-01
Deferred premium put | Minimum | Derivative Instrument 3
Derivative [Line Items]
Term	2016-07
Deferred premium put | Maximum | Derivative Instrument 1
Derivative [Line Items]
Term	2016-06
Deferred premium put | Maximum | Derivative Instrument 3
Derivative [Line Items]
Term	2016-12
Crude Oil Swap | Derivative Instrument 2
Derivative [Line Items]
Monthly Volumes Bbls | bbl	5,800
Price/bbl | $ / Barrel-bbl	88.55
Fair Value	$ 744,314
Crude Oil Swap | Derivative Instrument 4
Derivative [Line Items]
Monthly Volumes Bbls | bbl	3,000
Price/bbl | $ / Barrel-bbl	83.70
Fair Value	$ 341,340
Crude Oil Swap | Derivative Instrument 5
Derivative [Line Items]
Monthly Volumes Bbls | bbl	1,000
Price/bbl | $ / Barrel-bbl	76.74
Fair Value	$ 92,900
Crude Oil Swap | Minimum | Derivative Instrument 2
Derivative [Line Items]
Term	2015-01
Crude Oil Swap | Minimum | Derivative Instrument 4
Derivative [Line Items]
Term	2011-07
Crude Oil Swap | Minimum | Derivative Instrument 5
Derivative [Line Items]
Term	2012-07
Crude Oil Swap | Maximum | Derivative Instrument 2
Derivative [Line Items]
Term	2015-12
Crude Oil Swap | Maximum | Derivative Instrument 4
Derivative [Line Items]
Term	2015-12
Crude Oil Swap | Maximum | Derivative Instrument 5
Derivative [Line Items]
Term	2015-12

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Aug. 12, 2015	May. 22, 2014	Sep. 30, 2013	Sep. 30, 2015	May. 02, 2015	Dec. 31, 2014	Aug. 15, 2014	Apr. 16, 2013	Nov. 02, 2012	Aug. 31, 2012	Dec. 15, 2011
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 19,050,000				$ 19,500,000
Line of credit facility, current borrowing capacity				$ 19,050,000
Proceeds from potential future securities offering unencumbered by Banks’ Liens					$ 1,000,000
Line of Credit Facility, Expiration Date				Oct. 3, 2018
First Amendment | Rantoul Partners
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity											$ 50,000,000
Second Amendment
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 7,000,000
Second Amendment | Minimum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										3.75%
Third Amendment
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 12,150,000
Fifth Amendment
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000
Line of credit facility, current borrowing capacity			$ 38,000,000
Seventh Amendment | Series A Cumulative Redeemable Perpetual Preferred Stock
Debt Instrument [Line Items]
Preferred Stock, Dividend Rate, Percentage		10.00%
Preferred Stock Shares Issued		850,000
Eight Amendment | Minimum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 38,000,000
Eight Amendment | Maximum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 40,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.30%		3.30%
Tenth Amendment [Member]
Debt Instrument [Line Items]
Proceed From Sale To Outstanding Loan Balances	$ 1,500,000
Proceeds from Sale of Oil and Gas Property and Equipment	$ 1,300,000
Line of Credit | Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument interest rate, margin				0.50%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument interest rate, margin				0.00%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument interest rate, margin				0.75%
Line of Credit | Floating Rate | Minimum
Debt Instrument [Line Items]
Debt instrument interest rate, margin				2.25%
Line of Credit | Floating Rate | Maximum
Debt Instrument [Line Items]
Debt instrument interest rate, margin				3.00%
Line of Credit | Fifth Amendment | Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument interest rate, margin			3.30%

Commitments & Contingencies - A

Commitments & Contingencies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense	$ 112,000	$ 123,000
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	43,000
Operating Leases, Future Minimum Payments, Due in Two Years	147,000
Operating Leases, Future Minimum Payments, Due in Three Years	145,000
Operating Leases, Future Minimum Payments, Due in Four Years	90,000
Operating Leases, Future Minimum Payments, Due in Five Years	77,000
Texas Railroad Commission [Member]
Commitments and Contingencies Disclosure [Line Items]
Letters of Credit Outstanding, Amount	$ 50,000

Equity Transactions - Additiona

Equity Transactions - Additional Information (Detail) - USD ($)	Jun. 10, 2015	May. 13, 2015	Mar. 13, 2015	Jan. 15, 2015	Sep. 30, 2015	Sep. 30, 2014
Proceeds from Issuance of Preferred Stock and Preference Stock					$ 4,668,816	$ 13,350,731
Preferred Stock, Liquidation Preference Per Share					$ 1,000
Convertible Preferred Stock, Shares Issued upon Conversion					571
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.75
Common Stock [Member]
Stock Issued During Period, Shares, Issued for Services	17,500
Registered Shares [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues			763,547
Shares Issuable Upon Conversion Of Preferred stock			709,812
Unregistered Shares [Member]
Restricted Ownership Percentage			9.99%
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants			$ 1,771,428
Unregistered Shares [Member] | Common Stock [Member]
Shares Issuable Upon Conversion Of Preferred stock			298,069
Convertible Preferred Stock [Member] | Unregistered Shares [Member]
Stock Issued During Period, Shares, New Issues			521.62076
Series B Convertable Preferred Stock [Member] | Registered Shares [Member]
Stock Issued During Period, Shares, New Issues			1,242.17099
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, Issued for Services	3,000
Stock Issued During Period, Shares, New Issues		183,433
Proceeds from Issuance of Preferred Stock and Preference Stock		$ 2,300,000
Preferred Stock, Dividend Rate, Percentage	10.00%	10.00%
Shares Issued, Price Per Share		$ 12.50
Employees And Directors [Member]
Stock Issued During Period, Shares, Issued for Services				67,332

Impairment of Oil and Gas Pro27

Impairment of Oil and Gas Properties - Additional Information (Detail)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)bbl	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)bbl	Sep. 30, 2015USD ($)bbl	Sep. 30, 2014USD ($)
Oil Price Per Barrel		78.82		71.68	59.21
Natural Gas Price Per MMBtu		3.74		3.39	3.06
Impairment of Oil and Gas Properties | $	$ 9,720,983	$ 16,400,000	$ 0	$ 11,400,000	$ 37,543,972	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Nov. 04, 2015	Jun. 10, 2015	May. 13, 2015
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage		10.00%	10.00%
Subsequent Event [Member] | Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Subsequent Event [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage	10.00%