XML 32 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Condensed Statements of Cash Flows (USD $)
 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities    
Net Income $ 1,063,568 $ 3,118,798
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 657,265 667,461
Stock-based compensation 689,860 747,369
Stock-based compensation related to restructuring 376,365  
Accretion of discount on asset retirement obligations 25,346 38,858
Settlements of asset retirement obligations (57,247) (47,026)
Deferred income taxes 329,667 1,498,760
Deferred rent (8,574) (8,574)
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales 135,292 (797,933)
Receivables from income taxes and other (11,170) (116)
Due to/from joint interest partner 4,687 40,050
Prepaid expenses and other current assets (367,426) 48,591
Accounts payable and accrued expenses 174,842 (390,979)
Royalties payable 48,126 (74,876)
Income taxes payable (233,548) 115,801
Net cash provided by operating activities 2,827,053 4,956,184
Cash flows from investing activities    
Proceeds from asset sales 544,442 3,054,976
Capital expenditures for oil and natural gas properties (856,943) (4,013,430)
Capital expenditures for other property and equipment (9,637)  
Other assets (5,957) (26,110)
Net cash used in investing activities (328,095) (984,564)
Cash flows from financing activities    
Proceeds on exercise of incentive stock options 2,141,500  
Cash dividends to preferred stockholders (337,151) (337,151)
Cash dividends to common stockholders (3,205,135)  
Purchases of treasury stock (1,127,801) (16,968)
Windfall tax benefit 386,976  
Maturity of certificate of deposit 250,000  
Recovery of short swing profits 6,850  
Deferred loan costs   (16,211)
Net cash used in financing activities (1,884,761) (370,330)
Net increase in cash and cash equivalents 614,197 3,601,290
Cash and cash equivalents, beginning of period 24,928,585 14,428,548
Cash and cash equivalents, end of period 25,542,782 18,029,838
Our supplemental disclosures of cash flow information for the six months ended December 31, 2012 and 2011 are as follows:    
Income taxes paid 755,564 200,156
Non-cash transactions:    
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (225,062) 31,885
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties 1,216 (435,833)
Oil and natural gas properties incurred through recognition of asset retirement obligations 48,988 8,558
Previously acquired Company shares swapped by holders to pay stock option exercise price $ 618,606