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Consolidated Condensed Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Revenues        
Crude oil $ 5,379,399 $ 4,231,201 $ 9,384,821 $ 7,679,796
Natural gas liquids 86,556 182,971 206,167 371,426
Natural gas 182,103 232,530 348,616 480,336
Total revenues 5,648,058 4,646,702 9,939,604 8,531,558
Operating Costs        
Lease operating expenses 419,328 412,470 735,497 615,387
Production taxes 20,863 18,725 42,236 32,760
Depreciation, depletion and amortization 350,119 280,795 647,036 517,686
Accretion of discount on asset retirement obligations 17,751 19,616 38,858 36,588
General and administrative expenses 1,815,276 [1] 1,488,258 [1] 3,520,700 [1] 2,893,433 [1]
Total operating costs 2,623,337 2,219,864 4,984,327 4,095,854
Income from operations 3,024,721 2,426,838 4,955,277 4,435,704
Other        
Interest income 5,614 6,712 11,230 13,958
Interest (expense) (16,564)   (32,992)  
Other income (expense) (10,950) 6,712 (21,762) 13,958
Net income before income taxes 3,013,771 2,433,550 4,933,515 4,449,662
Income tax provision 1,054,499 1,008,195 1,814,717 1,880,789
Net Income 1,959,272 1,425,355 3,118,798 2,568,873
Dividends on Preferred Stock 168,576 165,405 337,151 293,240
Net income available to common shareholders $ 1,790,696 $ 1,259,950 $ 2,781,647 $ 2,275,633
Basic (in dollars per share) $ 0.06 $ 0.05 $ 0.10 $ 0.08
Diluted (in dollars per share) $ 0.06 $ 0.04 $ 0.09 $ 0.07
Weighted average number of common shares        
Basic (in shares) 28,071,317 27,792,768 28,032,223 27,731,062
Diluted (in shares) 31,856,417 31,515,271 31,836,983 31,394,528
[1] General and administrative expenses for the three months ended December 31, 2012 and 2011 included non-cash stock-based compensation expense of $393,579 and $354,871, respectively. For the corresponding six month period's non-cash stock-based compensation expense was $747,369 and $771,566, respectively.