XML 43 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Condensed Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Revenues        
Crude oil $ 4,344,765 $ 5,379,399 $ 8,936,142 $ 9,384,821
Natural gas liquids 25,956 86,556 50,102 206,167
Natural gas 21,568 182,103 39,744 348,616
Total revenues 4,392,289 5,648,058 9,025,988 9,939,604
Operating Costs        
Lease operating expenses 223,498 419,328 633,345 735,497
Production taxes 13,032 20,863 21,435 42,236
Depreciation, depletion and amortization 327,168 350,119 636,841 647,036
Accretion of discount on asset retirement obligations 12,418 17,751 25,346 38,858
General and administrative expenses 2,642,082 [1] 1,815,276 [1] 4,571,033 [1] 3,520,700 [1]
Restructuring charges 1,332,186 [2]   1,332,186 [2]  
Total operating costs 4,550,384 2,623,337 7,220,186 4,984,327
Income (loss) from operations (158,095) 3,024,721 1,805,802 4,955,277
Other        
Interest income 7,701 5,614 15,404 11,230
Interest (expense) (16,582) (16,564) (33,095) (32,992)
Other income (expense) (8,881) (10,950) (17,691) (21,762)
Income (loss) before income taxes (166,976) 3,013,771 1,788,111 4,933,515
Income tax provision 241,907 1,054,499 724,543 1,814,717
Net Income (Loss) (408,883) 1,959,272 1,063,568 3,118,798
Dividends on Preferred Stock 168,576 168,576 337,151 337,151
Net income (loss) available to common shareholders $ (577,459) $ 1,790,696 $ 726,417 $ 2,781,647
Basic (in dollars per share) $ (0.02) $ 0.06 $ 0.03 $ 0.10
Diluted (in dollars per share) $ (0.02) $ 0.06 $ 0.02 $ 0.09
Weighted average number of common shares        
Basic (in shares) 30,063,676 28,071,317 29,335,498 28,032,223
Diluted (in shares) 30,063,676 31,856,417 32,377,918 31,836,983
[1] General and administrative expenses for the three months ended December 31, 2013 and 2012 included non-cash stock-based compensation expense of $316,422 and $393,579, respectively. For the corresponding six month period?s non-cash stock-based compensation expense was $689,860 and $747,369, respectively.
[2] Restructuring charges for the three months ended December 31, 2013 included non-cash stock-based compensation expense of $376,365.