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Consolidated Condensed Balance Sheets (USD $)
Mar. 31, 2015
Jun. 30, 2014
Current assets    
Cash and cash equivalents $ 20,391,495us-gaap_CashAndCashEquivalentsAtCarryingValue $ 23,940,514us-gaap_CashAndCashEquivalentsAtCarryingValue
Receivables 2,686,686us-gaap_ReceivablesNetCurrent 1,457,212us-gaap_ReceivablesNetCurrent
Deferred tax asset 159,624us-gaap_DeferredTaxAssetsLiabilitiesNetCurrent 159,624us-gaap_DeferredTaxAssetsLiabilitiesNetCurrent
Prepaid expenses and other current assets 650,826us-gaap_PrepaidExpenseAndOtherAssetsCurrent 747,453us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 23,888,631us-gaap_AssetsCurrent 26,304,803us-gaap_AssetsCurrent
Oil and natural gas property and equipment, net (full-cost method of accounting) 40,349,940us-gaap_OilAndGasPropertyFullCostMethodNet 37,822,070us-gaap_OilAndGasPropertyFullCostMethodNet
Other property and equipment, net 308,411us-gaap_PropertyPlantAndEquipmentOtherNet 424,827us-gaap_PropertyPlantAndEquipmentOtherNet
Total property and equipment 40,658,351us-gaap_PropertyPlantAndEquipmentNet 38,246,897us-gaap_PropertyPlantAndEquipmentNet
Other assets 662,247us-gaap_DeferredCostsAndOtherAssets 464,052us-gaap_DeferredCostsAndOtherAssets
Total assets 65,209,229us-gaap_Assets 65,015,752us-gaap_Assets
Current liabilities    
Accounts payable 4,556,114us-gaap_AccountsPayableCurrent 441,722us-gaap_AccountsPayableCurrent
State and federal income taxes payable 116,343us-gaap_TaxesPayableCurrent 0us-gaap_TaxesPayableCurrent
Accrued liabilities and other 789,692us-gaap_AccruedLiabilitiesCurrent 2,558,004us-gaap_AccruedLiabilitiesCurrent
Total current liabilities 5,462,149us-gaap_LiabilitiesCurrent 2,999,726us-gaap_LiabilitiesCurrent
Long term liabilities    
Deferred income taxes 10,834,844us-gaap_DeferredTaxLiabilitiesNoncurrent 9,897,272us-gaap_DeferredTaxLiabilitiesNoncurrent
Asset retirement obligations 749,252us-gaap_AssetRetirementObligationsNoncurrent 205,512us-gaap_AssetRetirementObligationsNoncurrent
Deferred rent 22,861us-gaap_DeferredRentCreditNoncurrent 35,720us-gaap_DeferredRentCreditNoncurrent
Total liabilities 17,069,106us-gaap_Liabilities 13,138,230us-gaap_Liabilities
Commitments and contingencies (Note 15)      
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 March 31, 2015 and June 30, 2014 with a liquidation preference of $7,932,975 ($25.00 per share) 317us-gaap_PreferredStockValue 317us-gaap_PreferredStockValue
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 32,909,331 shares and 32,615,646 as of March 31, 2015 and June 30, 2014, respectively 32,909us-gaap_CommonStockValue 32,615us-gaap_CommonStockValue
Additional paid-in capital 36,489,885us-gaap_AdditionalPaidInCapital 34,632,377us-gaap_AdditionalPaidInCapital
Retained earnings 11,617,012us-gaap_RetainedEarningsAccumulatedDeficit 17,212,213us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders’ equity 48,140,123us-gaap_StockholdersEquity 51,877,522us-gaap_StockholdersEquity
Total liabilities and stockholders’ equity $ 65,209,229us-gaap_LiabilitiesAndStockholdersEquity $ 65,015,752us-gaap_LiabilitiesAndStockholdersEquity