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Consolidated Condensed Statements of Cash Flows (USD $)
 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities    
Net Income $ 3,118,798 $ 2,568,873
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 667,461 517,686
Stock-based compensation 747,369 771,566
Accretion of discount on asset retirement obligations 38,858 36,588
Settlements of asset retirement obligations (47,026) (30,969)
Deferred income taxes 1,498,760 1,258,106
Deferred rent (8,574) (6,829)
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales (797,933) (402,023)
Receivables from income taxes and other (116) 20,889
Due to/from joint interest partner 40,050 6,854
Prepaid expenses and other current assets 48,591 (102,360)
Accounts payable and accrued expenses (390,979) (307,079)
Royalties payable (74,876) (122,225)
Income taxes payable 115,801 93,279
Net cash provided by operating activities 4,956,184 4,302,356
Cash flows from investing activities    
Proceeds from asset sales 3,054,976  
Capital expenditures for oil and natural gas properties (4,013,430) (1,504,534)
Capital expenditures for other property and equipment   (12,778)
Other assets (26,110) (23,657)
Net cash used in investing activities (984,564) (1,540,969)
Cash flows from financing activities    
Proceeds from issuances of preferred stock, net   6,930,535
Preferred stock dividends paid (337,151) (293,240)
Purchases of treasury stock (16,968)  
Deferred loan costs (16,211)  
Net cash provided by (used in) financing activities (370,330) 6,637,295
Net increase in cash and cash equivalents 3,601,290 9,398,682
Cash and cash equivalents, beginning of period 14,428,548 4,247,438
Cash and cash equivalents, end of period 18,029,838 13,646,120
Our supplemental disclosures of cash flow information for the six months ended December 31, 2012 and 2011 are as follows:    
Income taxes paid 200,156 513,581
Non-cash transactions:    
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties 31,885 449,146
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (435,833)  
Change in accounts payable related to joint venture activities   9,576
Oil and natural gas properties incurred through recognition of asset retirement obligations $ 8,558 $ 47,200