Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Current assets
Cash and cash equivalents	$ 34,077,060	$ 20,118,757
Receivables	2,638,188	3,122,473
Deferred tax asset	105,321	82,414
Derivative assets, net	14,132	0
Prepaid expenses and other current assets	251,749	369,404
Total current assets	37,086,450	23,693,048
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	59,970,463	45,186,886
Other property and equipment, net	28,649	276,756
Total property and equipment, net	59,999,112	45,463,642
Other assets	365,489	726,037
Total assets	97,451,051	69,882,727
Current liabilities
Accounts payable	5,809,107	8,173,878
Accrued liabilities and other	2,097,951	855,373
Derivative liabilities, net	0	109,974
State and federal taxes payable	621,850	190,032
Total current liabilities	8,528,908	9,329,257
Long term liabilities
Deferred income taxes	11,840,693	11,242,551
Asset retirement obligations	760,300	715,767
Deferred rent	0	18,575
Total liabilities	21,129,901	21,306,150
Commitments and contingencies (Note 18)
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, 2016 and 2015, 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 32,907,863 and 32,845,205 shares as of June 30, 2016 and 2015, respectively	32,907	32,845
Additional paid-in capital	47,171,563	36,847,289
Retained earnings	29,116,363	11,696,126
Total stockholders' equity	76,321,150	48,576,577
Total liabilities and stockholders' equity	$ 97,451,051	$ 69,882,727

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.