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Income Taxes (Details 2) (USD $) | 12 Months Ended |  |
--- | --- | --- | ---
Jun. 30, 2010 | Jun. 30, 2012 | Jun. 30, 2011
Deferred tax assets: |  |  |
Non-qualified stock-based compensation | $ 866,035 | $ 774,720 | $ 959,547
Net operating loss carry-forwards | 5,389,065 | 1,336,769 | 5,910,275
AMT credit carry-forward | 645,938 | 714,571 | 682,456
Other | 21,306 | 29,929 | 23,626
Gross deferred tax assets | 6,922,344 | 2,855,989 | 7,575,904
Valuation allowance | (5,187,983) | (893,410) | (5,187,983)
Total deferred tax assets | 1,734,361 | 1,962,579 | 2,387,921
Deferred tax liability: |  |  |
Oil and natural gas properties | (4,684,241) | (7,842,437) | (5,718,187)
Total deferred tax liability | (4,684,241) | (7,842,437) | (5,718,187)
Net deferred tax liability | (2,949,880) | (5,879,858) | (3,330,266)
Total AMT credit carry-forward |  | 844,440 |
AMT credit carry-forward associated with the windfall tax benefit excluded from net deferred tax liability |  | (129,869) |
Estimated tax benefit excluded from net tax liability |  | 394,487 |
Recovery in federal income taxes due to carry-back of tax losses | 1,000,000 |  |
Federal tax loss carry-forward |  | 3,900,000 |
Non-benefitted NOL related to unutilized windfall tax benefits |  | 1,100,000 |
Acquired deferral tax loss carry-forward |  | 3,100,000 |
Acquired deferral tax loss carry-forward available to use in equal amounts through 2023 |  | $ 400,000 |

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