XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities    
Net Income (loss) attributable to the Company $ 4,036,973 $ (776,443)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 837,673 358,963
Stock-based compensation 1,126,034 1,143,413
Accretion of asset retirement obligations 56,712 43,314
Payments on asset retirement obligations (30,969) (1,847)
Deferred income taxes 1,978,496 (261,965)
Deferred rent (11,115) 2,833
Other   32,080
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales (523,077) (526,375)
Receivables from income taxes and other 8,346 1,125,374
Due from joint interest partner 78,110 (230,227)
Prepaid expenses and other current assets (81,423) (70,060)
Accounts payable and accrued expenses 32,397 273,286
Royalties payable (213,316) 433,113
Income taxes payable 34,102 (7,683)
Net cash provided by (used in) operating activities 7,328,943 1,537,776
Cash flows from investing activities    
Proceeds from asset sale 103,184 231,326
Development of oil and natural gas properties (2,386,332) (2,320,102)
Acquisitions of oil and natural gas properties (304,272) (814,323)
Capital expenditures for other property and equipment (47,475)  
Maturities of certificates of deposit   1,100,000
Other assets (27,295) (25,532)
Net cash used in investing activities (2,662,190) (1,828,631)
Cash flows from financing activities    
Proceeds from the issuance of restricted stock   28
Proceeds from the exercise of stock options   106,049
Proceeds from issuances of preferred stock, net 6,930,535  
Preferred stock dividends paid (461,815)  
Deferred loan costs (159,494)  
Net cash provided by financing activities 6,309,226 106,077
Net increase (decrease) in cash and cash equivalents 10,975,979 (184,778)
Cash and cash equivalents, beginning of period 4,247,438 3,138,259
Cash and cash equivalents, end of period 15,223,417 2,953,481
Supplemental disclosures of cash flow information:    
Income taxes paid 610,000 152,000
Income tax refunds and carry backs received 28,680 979,177
Non-cash transactions:    
Decrease in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (97,853) (196,557)
Increase in accounts payable related to joint venture activities   144,942
Oil and natural gas properties incurred through recognition of asset retirement obligations $ (59,936) $ (25,115)