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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2013
Income Taxes |
Schedule of components of income tax provision (benefit) |
|  | June 30, 2013 |  | June 30, 2012 |  | June 30, 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 857,480 |  | $ | 309,632 |  | $ | (64,068 | )
State |  |  | 659,303 |  |  | 841,698 |  |  | 132,596 |
Total current income tax provision |  |  | 1,516,783 |  |  | 1,151,330 |  |  | 68,528 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,546,495 |  |  | 2,542,662 |  |  | 360,174 |
State |  |  | (33,517 | ) |  | 6,930 |  |  | 20,212 |
Total deferred income tax provision |  |  | 2,512,978 |  |  | 2,549,592 |  |  | 380,386 |
Total income tax provision |  | $ | 4,029,761 |  | $ | 3,700,922 |  | $ | 448,914 |
Schedule of reconciliation of statutory income tax expense to income tax provision |
|  | June 30, 2013 |  | June 30, 2012 |  | June 30, 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Income tax provision (benefit) computed at the statutory federal rate: |  | $ | 3,623,784 |  | $ | 3,003,238 |  | $ | 70,503 |
Reconciling items: |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal tax benefit |  |  | 413,019 |  |  | 560,095 |  |  | 100,853 |
Stock-based compensation (primarily incentive stock options) |  |  | 8,933 |  |  | 83,115 |  |  | 140,620 |
Expiring NOLs related to 2004 reverse merger |  |  | 600,964 |  |  | 4,348,495 |  |  |  |
Deferred tax asset valuation adjustment |  |  | (600,964 | ) |  | (4,348,495 | ) |  | — |
Reversal of Section 199 deductions as a result of carry-backs |  |  | — |  |  | — |  |  | 141,920 |
Rate adjustment |  |  | — |  |  | — |  |  | (7,172 | )
Other |  |  | (15,975 | ) |  | 54,474 |  |  | 2,190 |
Income tax provision |  | $ | 4,029,761 |  | $ | 3,700,922 |  | $ | 448,914 |
Schedule of components of deferred taxes |
|  | June 30, 2013 |  | June 30, 2012 |  | June 30, 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Deferred tax assets: |  |  |  |  |  |  |  |  |  |
Non-qualified stock-based compensation |  | $ | 774,673 |  | $ | 774,720 |  | $ | 959,547 |
Net operating loss carry-forwards |  |  | 427,249 |  |  | 1,336,769 |  |  | 5,910,275 |
AMT credit carry-forward* |  |  | 502,466 |  |  | 714,571 |  |  | 682,456 |
Other |  |  | 28,170 |  |  | 29,929 |  |  | 23,626 |
Gross deferred tax assets |  |  | 1,732,558 |  |  | 2,855,989 |  |  | 7,575,904 |
Valuation allowance |  |  | (292,446 | ) |  | (893,410 | ) |  | (5,187,983 | )
Total deferred tax assets |  |  | 1,440,112 |  |  | 1,962,579 |  |  | 2,387,921 |
Deferred tax liability: |  |  |  |  |  |  |  |  |  |
Oil and natural gas properties |  |  | (9,832,948 | ) |  | (7,842,437 | ) |  | (5,718,187 | )
Total deferred tax liability |  |  | (9,832,948 | ) |  | (7,842,437 | ) |  | (5,718,187 | )
Net deferred tax liability |  | $ | (8,392,836 | ) | $ | (5,879,858 | ) | $ | (3,330,266 | )
* Total AMT credit carry-forward is $632,335. Our net deferred tax liability does not include $129,869 of AMT credit carry-forward associated with the windfall tax benefit.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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