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Consolidated Condensed Statements of Cash Flows (USD $)
 3 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities    
Net Income $ 1,472,451 $ 1,159,526
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 319,885 307,129
Stock-based compensation 373,438 353,790
Accretion of discount on asset retirement obligations 12,928 21,107
Settlements of asset retirement obligations   (22,211)
Deferred income taxes 72,395 599,052
Deferred rent (4,286) (4,287)
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales 11,133 (273,168)
Receivables from income taxes and other 918  
Due to/from joint interest partner (14,614) (49,344)
Prepaid expenses and other current assets 53,948 56,630
Accounts payable and accrued expenses (1,186,110) (637,799)
Royalties payable 40,030 (51,810)
Income taxes payable 404,677 161,166
Net cash provided by operating activities 1,556,793 1,619,781
Cash flows from investing activities    
Proceeds from asset sales 66,753  
Acquisitions of oil and natural gas properties (50,154) (743,720)
Development of oil and natural gas properties (544,060) (1,868,892)
Advances to joint venture operating partner   (101,790)
Other assets (1,913) (14,684)
Net cash used in investing activities (529,374) (2,729,086)
Cash flows from financing activities    
Preferred stock dividends paid (168,575) (168,575)
Purchases of treasury stock (117,182)  
Recovery of short swing profits 6,850  
Deferred loan costs   (16,211)
Net cash used in financing activities (278,907) (184,786)
Net increase (decrease) in cash and cash equivalents 748,512 (1,294,091)
Cash and cash equivalents, beginning of period 24,928,585 14,428,548
Cash and cash equivalents, end of period 25,677,097 13,134,457
Non-cash transactions:    
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (131,290) 124,372
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (5,146) (646,932)
Oil and natural gas properties incurred through recognition of asset retirement obligations $ 45,172 $ 8,558