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Consolidated Condensed Statements of Cash Flows (USD $)
 9 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities    
Net Income $ 1,987,268 $ 5,515,840
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 980,589 958,566
Stock-based compensation 1,134,841 1,139,802
Stock-based compensation related to restructuring 376,365  
Accretion of discount on asset retirement obligations 34,977 56,090
Settlements of asset retirement obligations (73,646) (52,905)
Deferred income taxes 998,367 2,026,948
Deferred rent (12,859) (12,860)
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales 88,146 (782,159)
Receivables from income taxes and other (3,679) (21,077)
Due to/from joint interest partner 70,083 20,105
Prepaid expenses and other current assets (376,501) 89,284
Accounts payable and accrued expenses 651,765 (47,339)
Royalties payable 38,595 (116,071)
Income taxes payable (233,548) 334,726
Net cash provided by operating activities 5,660,763 9,108,950
Cash flows from investing activities    
Proceeds from asset sales 542,349 3,054,976
Maturity of certificate of deposit 250,000  
Capital expenditures for oil and natural gas properties (989,616) (4,395,350)
Capital expenditures for other property and equipment (12,793)  
Other assets (181,751) (29,083)
Net cash used in investing activities (391,811) (1,369,457)
Cash flows from financing activities    
Proceeds on exercise of stock options 3,162,801 70,500
Cash dividends to preferred stockholders (505,726) (505,726)
Cash dividends to common stockholders (6,462,269)  
Purchases of treasury stock (1,591,765) (21,870)
Windfall tax benefit 108,473  
Recovery of short swing profits 6,850  
Deferred loan costs (40,334) (16,211)
Net cash used in financing activities (5,321,970) (473,307)
Net increase (decrease) in cash and cash equivalents (53,018) 7,266,186
Cash and cash equivalents, beginning of period 24,928,585 14,428,548
Cash and cash equivalents, end of period 24,875,567 21,694,734
Our supplemental disclosures of cash flow information for the nine months ended March 31, 2014 and 2013 are as follows:    
Income taxes paid 755,941 304,874
Non-cash transactions:    
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (229,062) (58,675)
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties (12,032) (467,978)
Oil and natural gas properties incurred through recognition of asset retirement obligations 45,172 8,558
Previously acquired Company shares swapped by holders to pay stock option exercise price $ 618,606