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Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Revenues        
Total revenues $ 5,106,735 $ 7,064,689 $ 19,109,068 $ 18,777,583
Operating costs        
Production costs 2,192,217 3,201,491 7,030,537 6,498,638
Depreciation, depletion and amortization 1,268,800 1,138,502 3,958,644 2,425,609
Accretion of discount on asset retirement obligations 11,695 10,924 34,555 23,697
General and administrative expenses [1] 2,304,237 1,467,782 6,046,603 4,578,876
Restructuring charges [2] 0 0 1,257,433 (5,431)
Total operating costs 5,787,882 5,818,699 18,398,704 13,528,433
Income (loss) from operations (681,147) 1,245,990 710,364 5,249,150
Other        
Gain on settled derivative instruments, net 1,795,431 0 3,960,059 0
Gain (loss) on unsettled derivative instruments, net (1,314,044) 0 119,679 0
Delhi field insurance recovery related to pre-reversion event 0 0 1,074,957 0
Interest and other income 11,851 7,401 23,516 27,826
Interest (expense) (14,036) (24,625) (51,162) (55,244)
Income (loss) before income taxes (201,945) 1,228,766 5,837,413 5,221,732
Income tax provision (benefit) (72,337) 494,180 2,051,521 2,118,218
Net income (loss) attributable to the Company (129,608) 734,586 3,785,892 3,103,514
Dividends on preferred stock 168,575 168,575 505,726 505,726
Net income (loss) available to common stockholders $ (298,183) $ 566,011 $ 3,280,166 $ 2,597,788
Earnings (loss) per common share        
Basic (in dollars per share) $ (0.01) $ 0.02 $ 0.10 $ 0.08
Diluted (in dollars per share) $ (0.01) $ 0.02 $ 0.10 $ 0.08
Weighted average number of common shares        
Basic (in shares) 32,879,381 32,861,001 32,779,234 32,789,157
Diluted (in shares) 32,879,381 32,958,218 32,834,765 32,909,981
Crude oil        
Revenues        
Total revenues $ 5,005,955 $ 7,052,563 $ 18,897,572 $ 18,700,296
Natural gas liquids        
Revenues        
Total revenues 597 1,352 2,332 35,354
Natural gas        
Revenues        
Total revenues 183 529 1,204 25,787
Artificial lift technology services        
Revenues        
Total revenues 100,000 10,245 207,960 16,146
Operating costs        
Production costs $ 10,933 $ 0 $ 70,932 $ 7,044
[1] General and administrative expenses for the three months ended March 31, 2016 and 2015 included non-cash stock-based compensation expense of $277,907 and $227,507, respectively. For the corresponding nine month periods, non-cash stock-based compensation expense was $708,746 and $715,864, respectively.
[2] Restructuring charges include $569,228 of non-cash impairment charges and $59,339 of non-cash stock-based compensation for the nine months ended March 31, 2016.