4. RELATED PARTY TRANSACTIONS	9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]
Note 4. RELATED PARTY TRANSACTIONS	Pursuant to an arrangement between the Company and Mieka LLC, an entity wholly owned by the Company’s principal stockholders, Mieka LLC provides drilling and completion services on wells owned by the Company. Prices charged to the Company by Mieka LLC under turnkey drilling arrangements do not reflect prevailing rates that would be charged by outside third parties in arms-length transactions. During the three months ended September 30, 2012 and 2011, the Company incurred drilling costs associated with turnkey drilling contracts with Mieka LLC of $1,000,035 and $277,200 respectively. During the nine months ended September 30, 2012 and 2011, the Company incurred drilling costs associated with turnkey drilling contracts with Mieka LLC of $1,763,617 and $1,766,640, respectively. As of September 30, 2012 and December 31, 2011, the Company was obligated to pay $1,176,456 and $662,292, respectively, to Mieka LLC. During the nine months ended September 30, 2012, Daro and Anita Blankenship, principal shareholders of the Company, received aggregate compensation from the Company of $76,000 and $97,500, respectively. During the nine months ended September 30, 2011, they received aggregate compensation of $72,924 and $72,784, respectively. As of September 30, 2012, the Company was obligated to pay Daro and Anita Blankenship $10,083 and $71,311 respectively. As of December 31, 2011, the Company was obligated to pay Daro and Anita Blankenship $10,083 and $78,481 respectively.

4. RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2012

Pursuant to an arrangement between the Company and Mieka LLC, an entity wholly owned by the Company’s principal stockholders, Mieka LLC provides drilling and completion services on wells owned by the Company. Prices charged to the Company by Mieka LLC under turnkey drilling arrangements do not reflect prevailing rates that would be charged by outside third parties in arms-length transactions. During the three months ended September 30, 2012 and 2011, the Company incurred drilling costs associated with turnkey drilling contracts with Mieka LLC of $1,000,035 and $277,200 respectively. During the nine months ended September 30, 2012 and 2011, the Company incurred drilling costs associated with turnkey drilling contracts with Mieka LLC of $1,763,617 and $1,766,640, respectively. As of September 30, 2012 and December 31, 2011, the Company was obligated to pay $1,176,456 and $662,292, respectively, to Mieka LLC.

During the nine months ended September 30, 2012, Daro and Anita Blankenship, principal shareholders of the Company, received aggregate compensation from the Company of $76,000 and $97,500, respectively. During the nine months ended September 30, 2011, they received aggregate compensation of $72,924 and $72,784, respectively. As of September 30, 2012, the Company was obligated to pay Daro and Anita Blankenship $10,083 and $71,311 respectively. As of December 31, 2011, the Company was obligated to pay Daro and Anita Blankenship $10,083 and $78,481 respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

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+ Details

VADDA ENERGY CORP 10-Q