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Consolidated Statements of Operations (USD $)
3 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Revenues  
Crude oil$ 3,448,595$ 648,218
Natural gas liquids188,455209,918
Natural gas247,806310,960
Total revenues3,884,8561,169,096
Operating Costs  
Lease operating expenses202,917354,581
Production taxes14,03514,703
Depreciation, depletion and amortization236,891124,018
Accretion of asset retirement obligations16,97216,315
General and administrative expenses1,405,175[1]1,307,567[1]
Total operating costs1,875,9901,817,184
Income (loss) from operations2,008,866(648,088)
Other income  
Interest income7,2467,767
Net income (loss) before income tax benefit2,016,112(640,321)
Income tax (provision) benefit(872,594)154,987
Net Income (loss) attributable to the Company1,143,518(485,334)
Dividends on Preferred Stock127,835 
Earnings (loss) attributable to common shareholders$ 1,015,683$ (485,334)
Basic (in dollars per share)$ 0.04$ (0.02)
Diluted (in dollars per share)$ 0.03$ (0.02)
Weighted average number of common shares  
Basic (in shares)27,669,35527,160,723
Diluted (in shares)31,279,35027,160,723
[1]General and administrative expenses for the three months ended September 30, 2011 and 2010 included non-cash stock-based compensation expense of $416,695 and $354,486, respectively.