Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES - Capitalized Costs (Details)

v3.4.0.3
SIGNIFICANT ACCOUNTING POLICIES - Capitalized Costs (Details) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Full Cost Method [Abstract]    
Capitalized Certain Payroll and Other Internal Costs $ 782,162 $ 425,428
Capitalized Interest Costs 130,924 737,750
Total $ 913,086 1,163,178
Minimum percentage of proved reserves sold to be considered a significant alteration 25.00%  
Discount rate 10.00%  
Impairment of Oil and Natural Gas Properties $ 104,311,122 360,428,962
Capitalized costs related to expired leases subject to depletion $ 2,000,000 $ 5,500,000