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Consolidated Condensed Statements of Operations (USD $)
 3 Months Ended 9 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Mar. 31, 2013
Revenues        
Crude oil $ 4,280,355 $ 5,947,015 $ 13,216,497 $ 15,331,836
Natural gas liquids 29,701 27,067 79,803 233,234
Natural gas 26,950 36,485 66,694 385,101
Total revenues 4,337,006 6,010,567 13,362,994 15,950,171
Operating Costs        
Lease operating expenses 345,338 525,425 978,683 1,260,922
Production taxes 8,291 13,895 29,726 56,131
Depreciation, depletion and amortization 311,815 281,306 948,656 928,342
Accretion of discount on asset retirement obligations 9,631 17,232 34,977 56,090
General and administrative expenses 2,304,397 [1] 1,778,178 [1] 6,875,430 [1] 5,298,878 [1]
Restructuring charges     1,332,186 [2]  
Total operating costs 2,979,472 2,616,036 10,199,658 7,600,363
Income from operations 1,357,534 3,394,531 3,163,336 8,349,808
Other        
Interest income 7,383 5,495 22,787 16,725
Interest (expense) (17,605) (16,308) (50,700) (49,300)
Other income (expense) (10,222) (10,813) (27,913) (32,575)
Net income before income taxes 1,347,312 3,383,718 3,135,423 8,317,233
Income tax provision 423,612 986,676 1,148,155 2,801,393
Net Income 923,700 2,397,042 1,987,268 5,515,840
Dividends on Preferred Stock 168,575 168,575 505,726 505,726
Net income available to common shareholders $ 755,125 $ 2,228,467 $ 1,481,542 $ 5,010,114
Basic (in dollars per share) $ 0.02 $ 0.08 $ 0.05 $ 0.18
Diluted (in dollars per share) $ 0.02 $ 0.07 $ 0.05 $ 0.16
Weighted average number of common shares        
Basic (in shares) 32,358,163 28,201,106 30,328,344 28,069,285
Diluted (in shares) 32,732,049 32,090,152 32,503,460 31,911,808
[1] General and administrative expenses for the three months ended March 31, 2014 and 2013 included non-cash stock-based compensation expense of $444,981 and $392,433, respectively. For the corresponding nine month period's non-cash stock-based compensation expense was $1,134,841 and $1,139,802, respectively.
[2] Restructuring charges for the nine months ended March 31, 2014 included non-cash stock-based compensation expense of $376,365.