XML 58 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Jun. 30, 2011
Current assets    
Cash and cash equivalents $ 14,428,548 $ 4,247,438
Certificates of deposit 250,000 250,000
Restricted cash from joint interest partner   118,194
Receivables    
Oil and natural gas sales 1,343,347 1,559,404
Joint interest partner 96,151 86,105
Income taxes 92,885 28,680
Other 190 167
Deferred tax asset 325,235  
Prepaid expenses and other current assets 233,433 67,852
Total current assets 16,769,789 6,357,840
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $6,042,094 and $2,940,199 at June 30, 2012 and 2011, respectively, were excluded from amortization 40,476,172 33,447,564
Other property and equipment 92,271 69,262
Total property and equipment 40,568,443 33,516,826
Advances to joint interest operating partner 1,366,921  
Other assets 250,333 77,287
Total assets 58,955,486 39,951,953
Current liabilities    
Accounts payable 407,570 514,177
Due to joint interest partner 3,217,975 105,567
Accrued payroll 1,005,624 682,850
Royalties payable 294,013 742,651
State and federal taxes payable 91,967 82,122
Other current liabilities 71,768 84,565
Total current liabilities 5,088,917 2,211,932
Long term liabilities    
Deferred income taxes 6,205,093 3,330,266
Asset retirement obligations 968,677 859,586
Deferred rent 70,011 85,412
Total liabilities 12,332,698 6,487,196
Commitments and contingencies (Note 14)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized; issued 28,670,424 shares; outstanding 27,882,224 shares and 27,612,916 shares as of June 30, 2012 and 2011, respectively 28,670 28,400
Additional paid-in capital 29,416,914 20,761,209
Retained earnings 18,058,909 13,557,170
Stockholders equity before treasury stock 47,504,810 34,346,779
Treasury stock, at cost, 788,200 shares as of June 30, 2012 and June 30, 2011 (882,022) (882,022)
Total stockholders' equity 46,622,788 33,464,757
Total liabilities and stockholders' equity 58,955,486 39,951,953
Series A Cumulative Preferred Stock
    
Stockholders' equity    
Preferred stock, par value $0.001; 5,000,000 shares authorized: 8.5% Series A Cumulative Preferred Stock, 1,000,000 shares designated, 317,319 shares issued and outstanding at June 30, 2012, with a total liquidation preference of $7,932,975 ($25.00 per share) $ 317