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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision (benefit)

The components of our income tax provision are as follows:

	June 30, 2017				June 30, 2016				June 30, 2015
Current:
Federal	$	168,152			$	8,731,290			$	1,413,296
State	581,593				264,254				608,436
Total current income tax provision	749,745				8,995,544				2,021,732
Deferred:
Federal	3,880,522				541,891				1,282,059
State	210,397				33,344				140,430
Total deferred income tax provision	4,090,919				575,235				1,422,489
	$	4,840,664			$	9,570,779			$	3,444,221

Schedule of reconciliation of statutory income tax expense to income tax provision

The following table presents the reconciliation of our income taxes calculated at the statutory federal tax rate, currently 34%, to the income tax provision in our financial statements. Our effective tax rate for 2017 exceeded the statutory rate primarily as a result of state of Louisiana income taxes, partly offset by depletion in excess of basis. The effective tax rate for 2016 is less than the statutory rate primarily due to the benefit derived from statutory depletion in excess of tax basis and the Company had significant legal settlement and derivative gains that were not taxable in Louisiana. The effective tax rates for 2015 exceeded the statutory rate primarily due to state of Louisiana income taxes.

	June 30, 2017				% of Income Before Income Taxes			June 30, 2016				% of Income Before Income Taxes			June 30, 2015				% of Income Before Income Taxes
Income tax provision computed at the statutory federal rate	$	4,380,892			34.0	%		$	11,638,588			34.0	%		$	2,868,267			34.0	%
Reconciling items:
Depletion in excess of basis	(92,196		)		(0.7	)%		(2,242,620		)		(6.6	)%		—				—	%
State income taxes, net of federal tax benefit	522,713				4.1	%		196,415				0.6	%		595,708				7.1	%
Permanent differences related to stock-based compensation	27,884				0.2	%		—				—	%		—				—	%
Other	1,371				—	%		(21,604		)		(0.1	)%		(19,754		)		(0.2	)%
Income tax provision	$	4,840,664			37.6	%		$	9,570,779			27.9	%		$	3,444,221			40.9	%

Schedule of components of deferred taxes

	Asset (Liability)
	June 30, 2017				June 30, 2016				June 30, 2015
Deferred tax assets:
Non-qualified stock-based compensation	$	367,159			$	553,182			$	173,647
Net operating loss carry-forwards	852,477				386,808				400,288
AMT credit carry-forward	110,564				—				701,254
Other	18,581				130,947				91,113
Gross deferred tax assets	1,348,781				1,070,937				1,366,302
Valuation allowance	(292,446		)		(292,446		)		(292,446		)
Total deferred tax assets	1,056,335				778,491				1,073,856
Deferred tax liability:
Oil and natural gas properties	(16,882,626		)		(12,513,863		)		(12,233,993		)
Total deferred tax liability	(16,882,626		)		(12,513,863		)		(12,233,993		)
Net deferred tax liability	$	(15,826,291	)		$	(11,735,372	)		$	(11,160,137	)

The above assets and liabilities are present on the balance sheet as follows:

	June 30, 2017				June 30, 2016				June 30, 2015
Current deferred tax asset	$	—			$	105,321			$	82,414
Non-current deferred tax liability	15,826,291				11,840,693				11,242,551
Net liability	15,826,291				11,735,372				11,160,137

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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