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Consolidated Statements of Operations (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Revenues      
Crude oil $ 16,547,415 $ 5,672,471 $ 2,188,259
Natural gas liquids 620,187 893,525 1,079,383
Natural gas 794,436 964,879 1,754,259
Total Revenues 17,962,038 7,530,875 5,021,901
Operating Costs      
Lease operating expenses 1,708,235 1,298,650 1,616,767
Production taxes 66,764 80,677 48,312
Depreciation, depletion and amortization 1,136,974 563,104 1,818,110
Accretion of asset retirement obligations 77,505 59,913 61,054
General and administrative expenses 6,143,286 [1] 5,335,384 [1] 5,092,243 [1]
Total operating costs 9,132,764 7,337,728 8,636,486
Income (loss) from operations 8,829,274 193,147 (3,614,585)
Other      
Interest income 25,728 14,214 55,054
Interest (expense) (21,950)    
Net income (loss) before income tax provision (benefit) 8,833,052 207,361 (3,559,531)
Income tax provision (benefit) 3,700,922 448,914 (1,171,824)
Net income (loss) attributable to the Company 5,132,130 (241,553) (2,387,707)
Dividends on Preferred Stock 630,391    
Net income (loss) attributable to common shareholders $ 4,501,739 $ (241,553) $ (2,387,707)
Earnings (loss) per common share      
Basic (in dollars per share) $ 0.16 $ (0.01) $ (0.09)
Diluted (in dollars per share) $ 0.14 $ (0.01) $ (0.09)
Weighted average number of common shares outstanding      
Basic (in shares) 27,784,298 27,437,496 27,004,066
Diluted (in shares) 31,609,929 27,437,496 27,004,066
[1] General and administrative expenses for the year ended June 30, 2012, 2011 and 2010 included non-cash stock-based compensation expense of $1,475,995, $1,536,007 and $2,148,400, respectively.