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Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Jun. 30, 2011
Current assets    
Cash and cash equivalents $ 15,223,417 $ 4,247,438
Certificates of deposit 250,000 250,000
Restricted cash from joint interest partner 60,565 118,194
Receivables    
Oil and natural gas sales 2,082,481 1,559,404
Joint interest partner 20,622 86,105
Income taxes 20,224 28,680
Other 311 167
Prepaid expenses and other current assets 149,275 67,852
Total current assets 17,806,895 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 March 31, 2012 and June 30, 2011, respectively, were excluded from amortization. 35,189,511 33,447,564
Other property and equipment 89,943 69,262
Total property and equipment 35,279,454 33,516,826
Other assets 260,753 77,287
Total assets 53,347,102 39,951,953
Current liabilities    
Accounts payable 534,544 514,177
Joint interest advances 60,565 105,567
Accrued compensation 620,099 682,850
Royalties payable 529,335 742,651
Income taxes payable 116,224 82,122
Other current liabilities 61,493 84,565
Total current liabilities 1,922,260 2,211,932
Long term liabilities    
Deferred income taxes 5,308,762 3,330,266
Asset retirement obligations 945,265 859,586
Deferred rent 74,297 85,412
Unsecured revolving credit agreement 0  
Total liabilities 8,250,584 6,487,196
Commitments and contingencies (Note 10)      
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 March 31, 2012 and June 30, 2011, respectively. 28,605 28,400
Additional paid-in capital 28,817,290 20,761,209
Retained earnings 17,132,328 13,557,170
Stockholders equity before treasury stock 45,978,540 34,346,779
Treasury stock, at cost, 788,200 shares as of March 31, 2012 and June 30, 2011. (882,022) (882,022)
Total stockholders' equity 45,096,518 33,464,757
Total liabilities and stockholders' equity 53,347,102 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 March 31, 2012, with a total liquidation preference of $7,932,975 ($25.00 per share) $ 317