XML 37 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Condensed Balance Sheets (USD $)
Sep. 30, 2013
Jun. 30, 2013
Current assets    
Cash and cash equivalents $ 25,677,097 $ 24,928,585
Certificates of deposit 250,000 250,000
Receivables    
Oil and natural gas sales 1,621,720 1,632,853
Income taxes 281,970 281,970
Joint interest partner 21,784 49,063
Other   918
Deferred tax asset 26,133 26,133
Prepaid expenses and other current assets 212,606 266,554
Total current assets 28,091,310 27,436,076
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $4,161,816 and $4,112,704 at September 30, 2013 and June 30, 2013, respectively, were excluded from amortization 38,923,477 38,789,032
Other property and equipment 45,531 52,217
Total property and equipment 38,969,008 38,841,249
Advances to joint interest operating partner 46,364 26,059
Other assets 243,377 252,912
Total assets 67,350,059 66,556,296
Current liabilities    
Accounts payable 279,566 642,018
Due to joint interest partner 100,347 127,081
Accrued compensation 392,474 1,385,494
Royalties payable 131,457 91,427
Income taxes payable 638,225 233,548
Other current liabilities 663,488 153,182
Total current liabilities 2,205,557 2,632,750
Long term liabilities    
Deferred income taxes 8,491,364 8,418,969
Asset retirement obligations 201,416 615,551
Deferred rent 48,579 52,865
Total liabilities 10,946,916 11,720,135
Commitments and contingencies (Note 11)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized: issued 28,599,669 shares at September 30, 2013, and 29,410,858 at June 30, 2013; outstanding 28,599,669 shares and 28,608,969 shares as of September 30, 2013 and June 30, 2013, respectively 28,599 29,410
Additional paid-in capital 31,057,316 31,813,239
Retained earnings 25,316,911 24,013,035
Stockholders equity before treasury stock 56,403,143 55,856,001
Treasury stock, at cost, no shares and 801,889 shares as of September 30, 2013 and June 30, 2013, respectively   (1,019,840)
Total stockholders' equity 56,403,143 54,836,161
Total liabilities and stockholders' equity 67,350,059 66,556,296
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 September 30, 2013, and June 30, 2013 with a liquidation preference of $7,932,975 ($25.00 per share) $ 317 $ 317