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Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities    
Net Income (loss) attributable to the Company $ 2,568,873 $ (946,869)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 517,686 226,447
Stock-based compensation 771,566 750,880
Accretion of asset retirement obligations 36,588 27,081
Payments on asset retirement obligations (30,969) (1,847)
Deferred income taxes 1,258,106 (294,725)
Accrued compensation   315,000
Deferred rent (6,829) 1,889
Other   32,080
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales (402,023) 37,700
Receivables from income taxes and other 20,889 84,769
Due from joint interest partner 6,854 (177,713)
Prepaid expenses and other current assets (102,360) (44,655)
Accounts payable and accrued expenses (307,079) (41,995)
Royalties payable (122,225) (42,615)
Income taxes payable 93,279 55,566
Net cash provided by (used in) operating activities 4,302,356 (19,007)
Cash flows from investing activities    
Proceeds from asset sale   231,326
Development of oil and natural gas properties (1,329,930) (1,339,366)
Acquisitions of oil and natural gas properties (174,604) (689,759)
Capital expenditures for other property and equipment (12,778)  
Maturities of certificates of deposit   1,100,000
Other assets (23,657) (16,723)
Net cash used in investing activities (1,540,969) (714,522)
Cash flows from financing activities    
Proceeds from the exercise of restricted stock   28
Proceeds from the exercise of stock options   16,049
Proceeds from issuances of preferred stock, net 6,930,535  
Preferred stock dividends paid (293,240)  
Net cash provided by financing activities 6,637,295 16,077
Net increase (decrease) in cash and cash equivalents 9,398,682 (717,452)
Cash and cash equivalents, beginning of period 4,247,438 3,138,259
Cash and cash equivalents, end of period 13,646,120 2,420,807
Supplemental disclosures of cash flow information:    
Income taxes paid 513,581 7,000
Non-cash transactions:    
Increase in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties 449,146 256,287
Increase in accounts payable related to joint venture activities 9,576 1,710,033
Oil and natural gas properties incurred through recognition of asset retirement obligations $ (47,200) $ (25,115)