Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 23,028,153	$ 34,077,060
Receivables	2,726,702	2,638,188
Deferred tax asset	0	105,321
Prepaid expenses and other current assets	387,672	265,881
Total current assets	26,142,527	37,086,450
Property and equipment, net of depreciation, depletion, and amortization
Oil and natural gas property and equipment, net (full-cost method of accounting)	61,790,068	59,970,463
Other property and equipment, net	40,689	28,649
Total property and equipment	61,830,757	59,999,112
Other assets	295,384	365,489
Total assets	88,268,668	97,451,051
Current liabilities
Accounts payable	2,101,055	5,809,107
Accrued liabilities and other	617,839	2,097,951
State and federal taxes payable	0	621,850
Total current liabilities	2,718,894	8,528,908
Long term liabilities
Deferred income taxes	15,826,291	11,840,693
Asset retirement obligations, net of current portion	1,253,628	760,300
Total liabilities	19,798,813	21,129,901
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; no shares outstanding at June 30, 2017 as all shares were redeemed November 14, 2016 (Note 10); and 317,319 shares issued and outstanding at June 30, 2016 with a liquidation preference of $7,932,975 ($25.00 per share)	0	317
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,087,308 and 32,907,863 shares as of June 30, 2017 and 2016, respectively	33,087	32,907
Additional paid-in capital	40,961,957	47,171,563
Retained earnings	27,474,811	29,116,363
Total stockholders' equity	68,469,855	76,321,150
Total liabilities and stockholders' equity	$ 88,268,668	$ 97,451,051

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.