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Consolidated Condensed Balance Sheets (USD $)
Dec. 31, 2013
Jun. 30, 2013
Current assets    
Cash and cash equivalents $ 25,542,782 $ 24,928,585
Certificate of deposit   250,000
Receivables    
Oil and natural gas sales 1,497,561 1,632,853
Income taxes 281,970 281,970
Joint interest partner 2,368 49,063
Other 12,088 918
Deferred tax asset 26,133 26,133
Prepaid expenses and other current assets 633,980 266,554
Total current assets 27,996,882 27,436,076
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties - full-cost method of accounting, of which $4,258,459 and $4,112,704 at December 31, 2013 and June 30, 2013,respectively, were excluded from amortization 38,244,071 38,789,032
Other property and equipment 48,182 52,217
Total property and equipment 38,292,253 38,841,249
Advances to joint interest operating partner 43,646 26,059
Other assets 235,972 252,912
Total assets 66,568,753 66,556,296
Current liabilities    
Accounts payable 325,294 642,018
Due to joint interest partner 86,289 127,081
Accrued compensation 743,804 1,385,494
Accrued restructuring charges 955,821  
Royalties payable 139,553 91,427
Income taxes payable   233,548
Other current liabilities 537,114 153,182
Total current liabilities 2,787,875 2,632,750
Long term liabilities    
Deferred income taxes 8,748,636 8,418,969
Asset retirement obligations 156,756 615,551
Deferred rent 44,293 52,865
Total liabilities 11,737,560 11,720,135
Commitments and contingencies (Note 11)      
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized: issued 32,062,186 shares at December 31, 2013, and 29,410,858 at June 30, 2013; outstanding 32,062,186 shares and 28,608,969 shares as of December 31, 2013 and June 30, 2013, respectively 32,062 29,410
Additional paid-in capital 33,264,497 31,813,239
Retained earnings 21,534,317 24,013,035
Stockholders equity before treasury stock 54,831,193 55,856,001
Treasury stock, at cost, no shares and 801,889 shares as of December 31, 2013 and June 30, 2013, respectively   (1,019,840)
Total stockholders' equity 54,831,193 54,836,161
Total liabilities and stockholders' equity 66,568,753 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 authorized, 317,319 shares issued and outstanding at December 31, 2013, and June 30, 2013 with a liquidation preference of $7,932,975 ($25.00 per share) $ 317 $ 317