XML 61 R59.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes - Schedule of Deferred Income Taxes (Details) (USD $)
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2012
Income Tax Disclosure [Abstract]      
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 [1] 502,466 [1] 714,571 [1]
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
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)
Deferred Tax Asset, Alternative Minimum Tax 824,087    
Deferred Tax Liability, Alternative Minimum Tax Associated with Windfall Tax Benefit $ 122,833    
[1] 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.