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Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities  
Net Income (loss) attributable to the Company$ 1,143,518$ (485,334)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation, depletion and amortization236,891124,018
Stock-based compensation416,695354,486
Accretion of asset retirement obligations16,97216,315
Payments on asset retirement obligations(30,969) 
Deferred income taxes659,767(161,987)
Accrued compensation(180,000)157,500
Deferred rent(2,542)944
Other 32,080
Changes in operating assets and liabilities:  
Receivables from oil and natural gas sales106,424110,346
Receivables from income taxes and other28,67884,807
Due from joint interest partner(25,964) 
Prepaid expenses and other current assets(83,359)28,235
Accounts payable and accrued expenses(108,329)(78,652)
Royalties payable(387,747)(17,992)
Income taxes payable144,246 
Net cash provided by operating activities1,934,281164,766
Cash flows from investing activities  
Development of oil and natural gas properties(311,739)(431,492)
Acquisitions of oil and natural gas properties(167,964)(485,600)
Maturities of certificates of deposit 1,100,000
Other assets(13,771)(6,532)
Net cash provided (used) in investing activities(493,474)176,376
Cash flows from financing activities  
Proceeds from the exercise of stock options 16,019
Proceeds from issuances of preferred stock, net6,054,456 
Preferred stock dividends paid(127,835) 
Net cash provided by financing activities5,926,62116,019
Net increase in cash and cash equivalents7,367,428357,161
Cash and cash equivalents, beginning of period4,247,4383,138,259
Cash and cash equivalents, end of period11,614,8663,495,420
Supplemental disclosures of cash flow information:  
Income taxes paid 7,000
Non-cash transactions  
Assignment of oil and gas leases recognized in other receivables 231,326
Decrease in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties:(136,610)(752)
Increase in accounts payable related to joint venture activities:225,438 
Oil and natural gas properties incurred through recognition of asset retirement obligations:$ (30,969)