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Consolidated Statements of Operations (USD $)
 3 Months Ended 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Mar. 31, 2011
Revenues        
Crude oil $ 4,532,942 $ 1,607,521 $ 12,212,738 $ 3,034,333
Natural gas liquids 128,319 228,050 499,745 669,463
Natural gas 187,273 181,504 667,609 661,807
Total revenues 4,848,534 2,017,075 13,380,092 4,365,603
Operating Costs        
Lease operating expenses 662,461 284,577 1,277,848 950,382
Production taxes 15,165 26,308 47,925 54,084
Depreciation, depletion and amortization 316,665 132,516 834,351 358,963
Accretion of asset retirement obligations 20,124 16,233 56,712 43,314
General and administrative expenses 1,560,658 [1] 1,359,161 [1] 4,454,091 [1] 3,976,115 [1]
Total operating costs 2,575,073 1,818,795 6,670,927 5,382,858
Income (loss) from operations 2,273,461 198,280 6,709,165 (1,017,255)
Other income (expense)        
Interest income 6,205 1,562 20,163 13,034
Deferred loan cost amortization and bank fees (5,577)   (5,577)  
Net income (loss) before income tax benefit 2,274,089 199,842 6,723,751 (1,004,221)
Income tax (provision) benefit (805,989) (29,416) (2,686,778) 227,778
Net Income (loss) attributable to the Company 1,468,100 170,426 4,036,973 (776,443)
Dividends on Preferred Stock 168,575   461,815  
Earnings (loss) attributable to common shareholders $ 1,299,525 $ 170,426 $ 3,575,158 $ (776,443)
Basic (in dollars per share) $ 0.05 $ 0.01 $ 0.13 $ (0.03)
Diluted (in dollars per share) $ 0.04 $ 0.01 $ 0.11 $ (0.03)
Weighted average number of common shares        
Basic (in shares) 27,816,963 27,521,957 27,759,487 27,379,023
Diluted (in shares) 31,785,184 30,833,505 31,558,152 27,379,023
[1] General and administrative expenses for the three months ended March 31, 2012 and 2011 included non-cash stock-based compensation expense of $354,469 and $392,533, respectively. For the corresponding nine month periods' non-cash stock-based compensation expense was $1,126,034 and $1,143,413, respectively.