Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Current assets
Cash and cash equivalents	$ 20,118,757	$ 23,940,514
Receivables	3,122,473	1,457,212
Deferred tax asset	82,414	159,624
Prepaid expenses and other current assets	369,404	747,453
Total current assets	23,693,048	26,304,803
Property and equipment, net of depreciation, depletion, and amortization
Oil and natural gas properties—full-cost method of accounting, of which none were excluded from amortization	45,186,886	37,822,070
Other property and equipment, net	276,756	424,827
Total property and equipment, net	45,463,642	38,246,897
Other assets	726,037	464,052
Total assets	69,882,727	65,015,752
Current liabilities
Accounts payable	8,173,878	441,722
Accrued liabilities and other	855,373	2,558,004
Derivative liabilities, net	109,974	0
State and federal taxes payable	190,032	0
Total current liabilities	9,329,257	2,999,726
Long term liabilities
Deferred income taxes	11,242,551	9,897,272
Asset retirement obligations	715,767	205,512
Deferred rent	18,575	35,720
Total liabilities	$ 21,306,150	$ 13,138,230
Commitments and contingencies (Note 17)
Stockholders' equity
Preferred stock, par value $0.001; 5,000,000 shares authorized: 8.5% Series A Cumulative Preferred Stock, 1,000,000 shares designated, 317,319 shares issued and outstanding at June 30, 2015 and 2014, respectively, with a total liquidation preference of $7,932,975 ($25.00 per share)	$ 317	$ 317
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 32,845,205 and 32,615,646 shares as of June 30, 2015 and 2014, respectively	32,845	32,615
Additional paid-in capital	36,847,289	34,632,377
Retained earnings	11,696,126	17,212,213
Total stockholders' equity	48,576,577	51,877,522
Total liabilities and stockholders' equity	$ 69,882,727	$ 65,015,752

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.