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Consolidated Condensed Statements of Cash Flows (USD $)
 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities    
Net Income $ 5,515,840 $ 4,036,973
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 958,566 837,673
Stock-based compensation 1,139,802 1,126,034
Accretion of discount on asset retirement obligations 56,090 56,712
Settlements of asset retirement obligations (52,905) (30,969)
Deferred income taxes 2,026,948 1,978,496
Deferred rent (12,860) (11,115)
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales (782,159) (523,077)
Receivables from income taxes and other (21,077) 8,346
Due to/from joint interest partner 20,105 78,110
Prepaid expenses and other current assets 89,284 (81,423)
Accounts payable and accrued expenses (47,339) 32,397
Royalties payable (116,071) (213,316)
Income taxes payable 334,726 34,102
Net cash provided by operating activities 9,108,950 7,328,943
Cash flows from investing activities    
Proceeds from asset sales 3,054,976 103,184
Capital expenditures for oil and natural gas properties (4,395,350) (2,690,604)
Capital expenditures for other property and equipment   (47,475)
Other assets (29,083) (27,295)
Net cash used in investing activities (1,369,457) (2,662,190)
Cash flows from financing activities    
Proceeds from issuances of preferred stock, net   6,930,535
Preferred stock dividends paid (505,726) (461,815)
Proceeds from exercises of stock options 70,500  
Purchases of treasury stock (21,870)  
Deferred loan costs (16,211) (159,494)
Net cash provided by (used in) financing activities (473,307) 6,309,226
Net increase in cash and cash equivalents 7,266,186 10,975,979
Cash and cash equivalents, beginning of period 14,428,548 4,247,438
Cash and cash equivalents, end of period 21,694,734 15,223,417
Our supplemental disclosures of cash flow information for the nine months ended March 31, 2013 and 2012 are as follows:    
Income taxes paid 304,874 610,000
Income tax refunds received   28,680
Non-cash transactions:    
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (58,675) (97,583)
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (467,978)  
Oil and natural gas properties incurred through recognition of asset retirement obligations $ 8,558 $ 59,936