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Consolidated Condensed Statements of Income (USD $)
 3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Revenues        
Crude oil $ 5,947,015 $ 4,532,942 $ 15,331,836 $ 12,212,738
Natural gas liquids 27,067 128,319 233,234 499,745
Natural gas 36,485 187,273 385,101 667,609
Total revenues 6,010,567 4,848,534 15,950,171 13,380,092
Operating Costs        
Lease operating expenses 525,425 662,461 1,260,922 1,277,848
Production taxes 13,895 15,165 56,131 47,925
Depreciation, depletion and amortization 281,306 316,665 928,342 834,351
Accretion of discount on asset retirement obligations 17,232 20,124 56,090 56,712
General and administrative expenses 1,778,178 [1] 1,560,658 [1] 5,298,878 [1] 4,454,091 [1]
Total operating costs 2,616,036 2,575,073 7,600,363 6,670,927
Income from operations 3,394,531 2,273,461 8,349,808 6,709,165
Other        
Interest income 5,495 6,205 16,725 20,163
Interest (expense) (16,308) (5,577) (49,300) (5,577)
Other income (expense) (10,813) 628 (32,575) 14,586
Net income before income taxes 3,383,718 2,274,089 8,317,233 6,723,751
Income tax provision 986,676 805,989 2,801,393 2,686,778
Net Income 2,397,042 1,468,100 5,515,840 4,036,973
Dividends on Preferred Stock 168,575 168,575 505,726 461,815
Net income available to common shareholders $ 2,228,467 $ 1,299,525 $ 5,010,114 $ 3,575,158
Basic (in dollars per share) $ 0.08 $ 0.05 $ 0.18 $ 0.13
Diluted (in dollars per share) $ 0.07 $ 0.04 $ 0.16 $ 0.11
Weighted average number of common shares        
Basic (in shares) 28,201,106 27,816,963 28,069,285 27,759,487
Diluted (in shares) 32,090,152 31,785,184 31,911,808 31,558,152
[1] General and administrative expenses for the three months ended March 31, 2013 and 2012 included non-cash stock-based compensation expense of $392,433 and $354,469, respectively. For the corresponding nine month periods, non-cash stock-based compensation expense was $1,139,802 and $1,126,034, respectively.