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Consolidated Statements of Cash Flow (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Cash Flows From Operating Activities      
Net income (loss) attributable to the Company $ 5,132,130 $ (241,553) $ (2,387,707)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,150,454 563,104 1,818,110
Stock-based compensation 1,475,995 1,536,007 2,148,400
Accretion of asset retirement obligations 77,505 59,913 61,054
Settlement of asset retirement obligations (61,936) (1,847)  
Deferred income taxes 2,549,592 380,386 (771,437)
Deferred rent (15,401) 3,777 3,777
Other   32,080 5,717
Changes in operating assets and liabilities:      
Receivables from oil and natural gas sales 216,057 (1,023,038) (4,048)
Receivables from income taxes and other (64,194) 687,228 1,512,041
Due to/from joint interest partners 139,705 (87,743)  
Prepaid expenses and other current assets (165,581) 90,652 3,947
Accounts payable and accrued expenses 379,873 497,783 65,144
Royalties payable (448,638) 521,589 2,585
Income taxes payable 9,845 36,778 (112,402)
Net cash provided by operating activities 10,375,406 3,055,116 2,345,181
Cash Flows from Investing Activities      
Proceeds from asset sales 799,610 231,326  
Development of oil and natural gas properties (3,291,921) (2,509,652) (3,280,425)
Acquisitions of oil and natural gas properties (3,768,162) (997,279) (517,530)
Capital expenditures for other equipment (61,176) (864)  
Advances to joint venture operating partner (224,206)    
Maturities of certificates of deposit   1,100,000 2,059,147
Purchases of certificates of deposit     (1,350,000)
Other assets (35,056) (48,702) (13,220)
Net cash used in investing activities (6,580,911) (2,225,171) (3,102,028)
Cash Flows from Financing Activities      
Proceeds from issuance of preferred stock, net 6,930,535    
Proceeds from issuance of restricted stock   28 42
Proceeds from the exercise of stock options   106,049 3,300
Preferred stock dividends paid (630,391)    
Deferred loan costs (163,257)    
Windfall tax benefit 249,728 173,157  
Net cash provided by financing activities 6,386,615 279,234 3,342
Net increase (decrease) in cash and cash equivalents 10,181,110 1,109,179 (753,505)
Cash and cash equivalents, beginning of period 4,247,438 3,138,259 3,891,764
Cash and cash equivalents, end of period $ 14,428,548 $ 4,247,438 $ 3,138,259