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Consolidated Condensed Statements of Operations (USD $)
 3 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Revenues    
Crude oil $ 4,005,422 $ 3,448,595
Natural gas liquids 119,611 188,455
Natural gas 166,513 247,806
Total revenues 4,291,546 3,884,856
Operating Costs    
Lease operating expenses 316,169 202,917
Production taxes 21,373 14,035
Depreciation, depletion and amortization 296,917 236,891
Accretion of discount on asset retirement obligations 21,107 16,972
General and administrative expenses 1,705,424 [1] 1,405,175 [1]
Total operating costs 2,360,990 1,875,990
Income from operations 1,930,556 2,008,866
Other    
Interest income 5,616 7,246
Interest (expense) (16,428)  
Other income (expense) (10,812) 7,246
Net income before income taxes 1,919,744 2,016,112
Income tax provision 760,218 872,594
Net Income 1,159,526 1,143,518
Dividends on Preferred Stock 168,575 127,835
Net income available to common shareholders $ 990,951 $ 1,015,683
Basic (in dollars per share) $ 0.04 $ 0.04
Diluted (in dollars per share) $ 0.03 $ 0.03
Weighted average number of common shares    
Basic (in shares) 27,938,297 27,669,355
Diluted (in shares) 31,763,488 31,279,350
[1] General and administrative expenses for the three months ended September 30, 2012 and 2011 included non-cash stock-based compensation expense of $353,790 and $416,695, respectively.