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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Income Taxes

Schedule of components of income tax provision (benefit)

		June 30, 2012			June 30, 2011			June 30, 2010
Current:
Federal		$	309,632		$	(64,068	)	$	(608,339	)
State		841,698			132,596			207,952
Total current income tax provision (benefit)		1,151,330			68,528			(400,387		)
Deferred:
Federal		2,542,662			360,174			(553,326		)
State		6,930			20,212			(218,111		)
Total deferred income tax provision (benefit)		2,549,592			380,386			(771,437		)
Total income tax provision (benefit)		$	3,700,922		$	448,914		$	(1,171,824	)

Schedule of reconciliation of statutory income tax expense to income tax provision (benefit)

		June 30, 2012			June 30, 2011			June 30, 2010
Income tax provision (benefit) computed at the statutory federal rate:		$	3,003,238		$	70,503		$	(1,210,241	)
Reconciling items:
State income taxes, net of federal tax benefit		560,095			100,853			(10,413		)
Stock-based compensation (primarily incentive stock options)		83,115			140,620			105,402
Expiring NOLs related to 2004 reverse merger		4,348,495
Deferred tax asset valuation adjustment		(4,348,495		)	—			—
Reversal of Section 199 deductions as a result of carry-backs		—			141,920			—
Rate adjustment		—			(7,172		)	(42,651		)
Other		54,474			2,190			(13,921		)
Income tax provision (benefit)		$	3,700,922		$	448,914		$	(1,171,824	)

Schedule of components of deferred taxes

		June 30, 2012			June 30, 2011			June 30, 2010
Deferred tax assets:
Non-qualified stock-based compensation		$	774,720		$	959,547		$	866,035
Net operating loss carry-forwards**		1,336,769			5,910,275			5,389,065
AMT credit carry-forward*		714,571			682,456			645,938
Other		29,929			23,626			21,306
Gross deferred tax assets		2,855,989			7,575,904			6,922,344
Valuation allowance		(893,410		)	(5,187,983		)	(5,187,983		)
Total deferred tax assets		1,962,579			2,387,921			1,734,361
Deferred tax liability:
Oil and natural gas properties		(7,842,437		)	(5,718,187		)	(4,684,241		)
Total deferred tax liability		(7,842,437		)	(5,718,187		)	(4,684,241		)
Net deferred tax liability		$	(5,879,858	)	$	(3,330,266	)	$	(2,949,880	)

* Total AMT credit carry-forward is $844,440.  Our net deferred tax liability does not include $129,869 of AMT credit carry-forward associated with the windfall tax benefit.

** Excluded from our net tax liability is an estimated tax benefit of $394,487 related to net operating losses associated windfall tax benefits.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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