XML 24 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Condensed Balance Sheets (USD $)
Mar. 31, 2013
Jun. 30, 2012
Current assets    
Cash and cash equivalents $ 21,694,734 $ 14,428,548
Certificates of deposit 250,000 250,000
Receivables    
Oil and natural gas sales 2,125,506 1,343,347
Joint interest partner 10,529 96,151
Income taxes 92,885 92,885
Other 21,267 190
Deferred tax asset 162,746 325,235
Prepaid expenses and other current assets 144,149 233,433
Total current assets 24,501,816 16,769,789
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $5,349,286 and $6,042,094 at March 31, 2013 and June 30, 2012, respectively, were excluded from amortization 40,251,521 40,476,172
Other property and equipment 58,962 92,271
Total property and equipment 40,310,483 40,568,443
Advances to joint interest operating partner   1,366,921
Other assets 261,695 250,333
Total assets 65,073,994 58,955,486
Current liabilities    
Accounts payable 296,845 407,570
Due joint interest partner 1,317,559 3,217,975
Accrued compensation 882,298 1,005,624
Royalties payable 177,942 294,013
Income taxes payable 426,693 91,967
Other current liabilities 199,805 71,768
Total current liabilities 3,301,142 5,088,917
Long term liabilities    
Deferred income taxes 8,069,553 6,205,093
Asset retirement obligations 824,815 968,677
Deferred rent 57,151 70,011
Total liabilities 12,252,661 12,332,698
Commitments and contingencies (Note 11)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized; issued 29,190,858 shares at March 31, 2013, and 28,670,424 at June 30, 2012; outstanding 28,400,041 shares and 27,882,224 shares as of March 31, 2013 and June 30, 2012, respectively 29,190 28,670
Additional paid-in capital 30,626,695 29,416,914
Retained earnings 23,069,023 18,058,909
Stockholders equity before treasury stock 53,725,225 47,504,810
Treasury stock, at cost, 790,817 shares and 788,200 shares as of March 31, 2013 and June 30, 2012, respectively (903,892) (882,022)
Total stockholders' equity 52,821,333 46,622,788
Total liabilities and stockholders' equity 65,073,994 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 March 31, 2013, and June 30, 2012 with a liquidation preference of $25.00 per share $ 317 $ 317