XML 24 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Jun. 30, 2012
Current assets    
Cash and cash equivalents $ 13,134,457 $ 14,428,548
Certificates of deposit 250,000 250,000
Receivables    
Oil and natural gas sales 1,616,515 1,343,347
Joint interest partner 30,390 96,151
Income taxes 92,885 92,885
Other 190 190
Deferred tax asset 325,235 325,235
Prepaid expenses and other current assets 176,803 233,433
Total current assets 15,626,475 16,769,789
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $7,782,060 and $6,042,094 at September 30, 2012 and June 30, 2012, respectively, were excluded from amortization. 42,313,561 40,476,172
Other property and equipment 80,022 92,271
Total property and equipment 42,393,583 40,568,443
Advances to joint interest operating partner 325,995 1,366,921
Other assets 269,780 250,333
Total assets 58,615,833 58,955,486
Current liabilities    
Accounts payable 438,238 407,570
Due joint interest partner 1,313,222 3,217,975
Accrued compensation 346,382 1,005,624
Royalties payable 242,203 294,013
Income taxes payable 183,289 91,967
Other current liabilities 256,759 71,768
Total current liabilities 2,780,093 5,088,917
Long term liabilities    
Deferred income taxes 6,804,145 6,205,093
Asset retirement obligations 998,342 968,677
Deferred rent 65,724 70,011
Total liabilities 10,648,304 12,332,698
Commitments and contingencies (Note 11)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized: issued 28,840,163 shares at September 30, 2012, and 28,670,424 at June 30, 2012; outstanding 28,051,963 shares and 27,882,224 shares as of September 30, 2012 and June 30, 2012, respectively. 28,840 28,670
Additional paid-in capital 29,770,534 29,416,914
Retained earnings 19,049,860 18,058,909
Stockholders equity before treasury stock 48,849,551 47,504,810
Treasury stock, at cost, 788,200 shares as of September 30, 2012 and June 30, 2012 (882,022) (882,022)
Total stockholders' equity 47,967,529 46,622,788
Total liabilities and stockholders' equity 58,615,833 58,955,486
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 authorized, 317,319 shares issued and outstanding at September 30, 2012 and June 30, 2012, with a liquidation preference of $25.00 per share. $ 317 $ 317