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Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Jun. 30, 2013
Current assets    
Cash and cash equivalents $ 23,940,514 $ 24,928,585
Certificates of deposit 0 250,000
Receivables    
Oil and natural gas sales 1,456,146 1,632,853
Joint interest partner 0 49,063
Income taxes 0 281,970
Other 1,066 918
Deferred tax asset 159,624 26,133
Prepaid expenses and other current assets 747,453 266,554
Total current assets 26,304,803 27,436,076
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties—full-cost method of accounting, of which $4,112,704 was excluded from amortization at June 30, 2013 37,822,070 38,789,032
Other property and equipment 424,827 52,217
Total property and equipment 38,246,897 38,841,249
Advances to joint interest operating partner 0 26,059
Other assets 464,052 252,912
Total assets 65,015,752 66,556,296
Current liabilities    
Accounts payable 441,722 769,099
State and federal taxes payable 0 233,548
Accrued liabilities and other 2,558,004 1,630,103
Total current liabilities 2,999,726 2,632,750
Long term liabilities    
Deferred income taxes 9,897,272 8,418,969
Asset retirement obligations 205,512 615,551
Deferred rent 35,720 52,865
Total liabilities 13,138,230 11,720,135
Commitments and Contingencies      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized; issued 32,615,646 shares at June 30, 2014, and 29,410,858 at June 30, 2013; outstanding 32,615,646 shares and 28,608,969 shares as of June 30, 2014 and 2013, respectively 32,615 29,410
Additional paid-in capital 34,632,377 31,813,239
Retained earnings 17,212,213 24,013,035
Stockholders equity before treasury stock 51,877,522 55,856,001
Treasury stock, at cost, no shares and 801,889 shares as of June 30, 2014 and 2013, respectively 0 (1,019,840)
Total stockholders' equity 51,877,522 54,836,161
Total liabilities and stockholders' equity 65,015,752 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 designated, 317,319 shares issued and outstanding at June 30, 2014 and 2013, respectively, with a total liquidation preference of $7,932,975 ($25.00 per share) $ 317 $ 317