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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision (benefit)

The components of our income tax provision (benefit) are as follows:

	June 30, 2014				June 30, 2013				June 30, 2012
Current:
Federal	$	386,018			$	857,480			$	309,632
State	161,168				659,303				841,698
Total current income tax provision	547,186				1,516,783				1,151,330
Deferred:
Federal	1,319,727				2,546,495				2,542,662
State	25,085				(33,517		)		6,930
Total deferred income tax provision	1,344,812				2,512,978				2,549,592
Total income tax provision	$	1,891,998			$	4,029,761			$	3,700,922

Schedule of reconciliation of statutory income tax expense to income tax provision

The following table presents the reconciliation of our income taxes calculated at the statutory federal tax rate, currently 34%, to the income tax provision in our financial statements. The effective tax rate for all years is in excess of the statutory rate as a result of state income taxes, primarily in the state of Louisiana, with smaller adjustments related to stock-based compensation and other permanent differences.

	June 30, 2014				June 30, 2013				June 30, 2012
Income tax provision (benefit) computed at the statutory federal rate:	$	1,866,366			$	3,623,784			$	3,003,238
Reconciling items:
State income taxes, net of federal tax benefit	189,081				413,019				560,095
Permanent differences related to stock-based compensation	(155,817		)		8,933				83,115
Expiring NOLs related to 2004 reverse merger	—				600,964				4,348,495
Deferred tax asset valuation adjustment	—				(600,964		)		(4,348,495		)
Other permanent differences	(7,632		)		(15,975		)		54,474
Income tax provision	$	1,891,998			$	4,029,761			$	3,700,922

Schedule of components of deferred taxes

The components of our deferred taxes are detailed in the table below:

	June 30, 2014				June 30, 2013				June 30, 2012
Deferred tax assets:
Non-qualified stock-based compensation	$	134,469			$	774,673			$	774,720
Net operating loss carry-forwards	427,249				427,249				1,336,769
AMT credit carry-forward*	701,254				502,466				714,571
Other	165,775				28,170				29,929
Gross deferred tax assets	1,428,747				1,732,558				2,855,989
Valuation allowance	(292,446		)		(292,446		)		(893,410		)
Total deferred tax assets	1,136,301				1,440,112				1,962,579
Deferred tax liability:
Oil and natural gas properties	(10,873,949		)		(9,832,948		)		(7,842,437		)
Total deferred tax liability	(10,873,949		)		(9,832,948		)		(7,842,437		)
Net deferred tax liability	$	(9,737,648	)		$	(8,392,836	)		$	(5,879,858	)

_______________________________________________________________________________

* Total AMT credit carry-forward is $824,087. Our net deferred tax liability does not include $122,833 of AMT credit carry-forward associated with the tax benefit related to stock-based compensation.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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