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v2.4.0.8

Consolidated Condensed Statements of Operations (USD $) | 3 Months Ended
--- | ---
Sep. 30, 2014 | Sep. 30, 2013
Revenues |  |  |  |
Delhi field | $ 3,868,602 |  | $ 4,429,811 |
Artificial lift technology | 115,856 |  | 142,091 |
Other properties | 20,369 |  | 61,797 |
Total revenues | 4,004,827 |  | 4,633,699 |
Operating costs |  |  |  |
Production costs - artificial lift technology | 197,360 |  | 163,749 |
Production costs - other properties | 88,022 |  | 254,501 |
Depreciation, depletion and amortization | 369,350 |  | 309,673 |
Accretion of discount on asset retirement obligations | 4,636 |  | 12,928 |
General and administrative expenses | 1,504,593 | [1] | 1,928,951 | [1]
Total operating costs | 2,163,961 |  | 2,669,802 |
Income from operations | 1,840,866 |  | 1,963,897 |
Other |  |  |  |
Interest income | 12,763 |  | 7,703 |
Interest (expense) | (18,460) |  | (16,513) |
Net income before income taxes | 1,835,169 |  | 1,955,087 |
Income tax provision | 706,159 |  | 482,636 |
Net income attributable to the Company | 1,129,010 |  | 1,472,451 |
Dividends on preferred stock | 168,575 |  | 168,575 |
Net income available to common stockholders | $ 960,435 |  | $ 1,303,876 |
Earnings per common share |  |  |  |
Basic (in dollars per share) | $ 0.03 |  | $ 0.05 |
Diluted (in dollars per share) | $ 0.03 |  | $ 0.04 |
Weighted average number of common shares |  |  |  |
Basic (in shares) | 32,682,401 |  | 28,607,320 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 32,826,250 |  | 32,211,265 |
[1] | General and administrative expenses for the three months ended September 30, 2014 and 2013 included non-cash stock-based compensation expense of $243,337 and $373,438, respectively.

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