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Derivatives (Tables)
 3 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of crude oil derivatives positions
The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX WTI prices as of September 30, 2015.
Period
 
Type of Contract
 
Volumes (in Bbls./day)
 
Weighted Average Floor Price per Bbl.
 
Weighted Average Ceiling Price per Bbl.
 
Weighted Average Collar Spread per Bbl.
Months of October 2015 through December 2015
 
Costless Collar
 
1,100
 
$55.00
 
$64.05
 
$9.05
Subsequent to September 30, 2015, the Company realized a gain of $297,011 on derivative contracts expiring in October 2015 and has entered into the following open derivative contracts to manage price risk on a portion of its oil production whereby the Company receives the fixed NYMEX WTI price for its oil production.
Period
 
Type of Contract
 
Volumes (in Bbls./day)
 
Weighted Average Floor Price per Bbl.
Months of January 2016 through March 2016
 
Fixed Price Swap
 
1,100
 
$51.45