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Consolidated Condensed Statements of Operations (USD $)
 3 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Revenues    
Crude oil $ 4,591,377 $ 4,005,422
Natural gas liquids 24,146 119,611
Natural gas 18,176 166,513
Total revenues 4,633,699 4,291,546
Operating Costs    
Lease operating expenses 409,847 316,169
Production taxes 8,403 21,373
Depreciation, depletion and amortization 309,673 296,917
Accretion of discount on asset retirement obligations 12,928 21,107
General and administrative expenses 1,928,951 [1] 1,705,424 [1]
Total operating costs 2,669,802 2,360,990
Income from operations 1,963,897 1,930,556
Other    
Interest income 7,703 5,616
Interest (expense) (16,513) (16,428)
Other income (expense) (8,810) (10,812)
Income before income taxes 1,955,087 1,919,744
Income tax provision 482,636 760,218
Net Income 1,472,451 1,159,526
Dividends on Preferred Stock 168,575 168,575
Net income available to common shareholders $ 1,303,876 $ 990,951
Basic (in dollars per share) $ 0.05 $ 0.04
Diluted (in dollars per share) $ 0.04 $ 0.03
Weighted average number of common shares    
Basic (in shares) 28,607,320 27,938,297
Diluted (in shares) 32,211,265 31,763,488
[1] General and administrative expenses for the three months ended September 30, 2013 and 2012 included non-cash stock-based compensation expense of $373,438 and $353,790, respectively.