Consolidated Condensed Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 19,156,377	$ 34,077,060
Receivables	3,101,169	2,638,188
Deferred tax asset	0	105,321
Derivative assets, net	0	14,132
Prepaid expenses and other current assets	618,788	251,749
Total current assets	22,876,334	37,086,450
Oil and natural gas property and equipment, net (full-cost method of accounting)	63,832,372	59,970,463
Other property and equipment, net	48,096	28,649
Total property and equipment	63,880,468	59,999,112
Other assets	330,300	365,489
Total assets	87,087,102	97,451,051
Current liabilities
Accounts payable	3,259,711	5,809,107
Accrued liabilities and other	701,031	2,097,951
State and federal income taxes payable	310,544	621,850
Total current liabilities	4,271,286	8,528,908
Long term liabilities
Deferred income taxes	13,444,891	11,840,693
Asset retirement obligations	784,247	760,300
Total liabilities	18,500,424	21,129,901
Commitments and contingencies (Note 15)
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; no shares outstanding at December 31, 2016 as all shares were redeemed November 14, 2016 (Note 8); and 317,319 shares 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 33,062,297 shares and 32,907,863 as of December 31, 2016 and June 30, 2016, respectively	33,062	32,907
Additional paid-in capital	40,368,236	47,171,563
Retained earnings	28,185,380	29,116,363
Total stockholders’ equity	68,586,678	76,321,150
Total liabilities and stockholders’ equity	$ 87,087,102	$ 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

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).