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Consolidated Condensed Balance Sheets (USD $)
Dec. 31, 2012
Jun. 30, 2012
Current assets    
Cash and cash equivalents $ 18,029,838 $ 14,428,548
Certificates of deposit 250,000 250,000
Receivables    
Oil and natural gas sales 2,141,280 1,343,347
Joint interest partner 24,871 96,151
Income taxes 92,885 92,885
Other 306 190
Deferred tax asset 162,746 325,235
Prepaid expenses and other current assets 184,842 233,433
Total current assets 20,886,768 16,769,789
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $9,031,522 and $6,042,094 at December 31, 2012 and June 30, 2012, respectively, were excluded from amortization 40,276,684 40,476,172
Other property and equipment 68,031 92,271
Total property and equipment 40,344,715 40,568,443
Advances to joint interest operating partner   1,366,921
Other assets 269,758 250,333
Total assets 61,501,241 58,955,486
Current liabilities    
Accounts payable 415,489 407,570
Due joint interest partner 1,383,991 3,217,975
Accrued compensation 609,350 1,005,624
Royalties payable 219,137 294,013
Income taxes payable 137,924 91,967
Other current liabilities 170,873 71,768
Total current liabilities 2,936,764 5,088,917
Long term liabilities    
Deferred income taxes 7,541,364 6,205,093
Asset retirement obligations 826,840 968,677
Deferred rent 61,437 70,011
Total liabilities 11,366,405 12,332,698
Commitments and contingencies (Note 11)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized: issued 28,897,133 shares at December 31, 2012, and 28,670,424 at June 30, 2012; outstanding 28,106,796 shares and 27,882,224 shares as of December 31, 2012 and June 30, 2012, respectively 28,897 28,670
Additional paid-in capital 30,164,056 29,416,914
Retained earnings 20,840,556 18,058,909
Stockholders equity before treasury stock 51,033,826 47,504,810
Treasury stock, at cost, 790,337 shares and 788,200 shares as of December 31, 2012 and June 30, 2012, respectively (898,990) (882,022)
Total stockholders' equity 50,134,836 46,622,788
Total liabilities and stockholders' equity 61,501,241 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 December 31, 2012, and June 30, 2012 with a liquidation preference of $25.00 per share. $ 317 $ 317