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Consolidated Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Revenues        
Crude oil $ 4,231,201 $ 778,594 $ 7,679,796 $ 1,426,812
Natural gas liquids 182,971 231,495 371,426 441,413
Natural gas 232,530 169,343 480,336 480,303
Total revenues 4,646,702 1,179,432 8,531,558 2,348,528
Operating Costs        
Lease operating expenses 412,470 311,224 615,387 665,805
Production taxes 18,725 13,073 32,760 27,776
Depreciation, depletion and amortization 280,795 102,429 517,686 226,447
Accretion of asset retirement obligations 19,616 10,766 36,588 27,081
General and administrative expenses 1,488,258 [1] 1,309,387 [1] 2,893,433 [1] 2,616,954 [1]
Total operating costs 2,219,864 1,746,879 4,095,854 3,564,063
Income (loss) from operations 2,426,838 (567,447) 4,435,704 (1,215,535)
Other income        
Interest income 6,712 3,705 13,958 11,472
Net income (loss) before income tax benefit 2,433,550 (563,742) 4,449,662 (1,204,063)
Income tax (provision) benefit (1,008,195) 102,207 (1,880,789) 257,194
Net Income (loss) attributable to the Company 1,425,355 (461,535) 2,568,873 (946,869)
Dividends on Preferred Stock 165,405   293,240  
Earnings (loss) attributable to common shareholders $ 1,259,950 $ (461,535) $ 2,275,633 $ (946,869)
Basic (in dollars per share) $ 0.05 $ (0.02) $ 0.08 $ (0.03)
Diluted (in dollars per share) $ 0.04 $ (0.02) $ 0.07 $ (0.03)
Weighted average number of common shares        
Basic (in shares) 27,792,768 27,457,118 27,731,062 27,308,920
Diluted (in shares) 31,515,271 27,457,118 31,394,528 27,308,920
[1] General and administrative expenses for the three months ended December 31, 2011 and 2010 included non-cash stock-based compensation expense of $354,871 and $396,394, respectively. For the corresponding six month period's non-cash stock-based compensation expense was $771,566 and $750,880, respectively.