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Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Jun. 30, 2011
Current assets    
Cash and cash equivalents $ 13,646,120 $ 4,247,438
Certificates of deposit 250,000 250,000
Restricted cash from joint interest partner 73,181 118,194
Receivables    
Oil and natural gas sales 1,961,427 1,559,404
Joint interest partner 101,454 86,105
Income taxes   28,680
Other 7,958 167
Prepaid expenses and other current assets 170,212 67,852
Total current assets 16,210,352 6,357,840
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $695,544 and $2,940,199 at December 31, 2011 and June 30, 2011, respectively, were excluded from amortization. 34,947,310 33,447,564
Other property and equipment 65,488 69,262
Total property and equipment 35,012,798 33,516,826
Other assets 100,944 77,287
Total assets 51,324,094 39,951,953
Current liabilities    
Accounts payable 967,809 514,177
Joint interest advances 73,181 105,567
Accrued compensation 414,465 682,850
Royalties payable 620,426 742,651
Income taxes payable 175,401 82,122
Other current liabilities 50,961 84,565
Total current liabilities 2,302,243 2,211,932
Long term liabilities    
Deferred income taxes 4,588,372 3,330,266
Asset retirement obligations 912,405 859,586
Deferred rent 78,583 85,412
Total liabilities 7,881,603 6,487,196
Commitments and contingencies (Note 9)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized and 28,605,163 shares issued; outstanding 27,816,963 shares and 27,612,916 shares at December 31, 2011 and June 30, 2011, respectively. 28,605 28,400
Additional paid-in capital 28,462,788 20,761,209
Retained earnings 15,832,803 13,557,170
Stockholders equity before treasury stock 44,324,513 34,346,779
Treasury stock, at cost, 788,200 shares as of December 31, 2011 and June 30, 2011. (882,022) (882,022)
Total stockholders' equity 43,442,491 33,464,757
Total liabilities and stockholders' equity 51,324,094 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 December 31, 2011, with a total liquidation preference of $7,932,975 ($25.00 per share) $ 317