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Supplemental Disclosure of Cash Flow Information (Tables)
 12 Months Ended
Jun. 30, 2012
Supplemental Disclosure of Cash Flow Information  
Schedule of supplemental disclosures of cash flow information

 

 

 

Year Ended

 

 

 

June 30,

 

 

 

2012

 

2011

 

2010

 

Income taxes paid

 

$

895,000

 

$

229,802

 

$

329,800

 

 

 

 

 

 

 

 

 

Income tax refunds and net operating loss carry-back received

 

$

—

 

$

979,177

 

$

2,095,126

 

 

 

 

 

 

 

 

 

Non-cash transactions:

 

 

 

 

 

 

 

Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties

 

$

(196,396

)

$

(91,483

)

$

(62,532

)

Change in due to joint venture partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties

 

$

1,958,029

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

Accrued advance in due to joint venture partner

 

$

1,142,715

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

Oil and natural gas property costs attributable to the recognition of asset retirement obligations

 

$

93,522

 

$

15,000

 

$

85,871

 

 

 

 

 

 

 

 

 

Windfall tax benefit recognized in income taxes recoverable

 

$

—

 

$

—

 

$

173,157