XML 16 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Revenues        
Total revenues $ 8,529,817 $ 6,622,927 $ 16,123,757 $ 14,002,333
Operating costs        
Production costs 2,292,421 2,229,741 4,637,062 4,838,320
Depreciation, depletion and amortization 1,307,510 1,471,571 2,580,949 2,689,844
Accretion of discount on asset retirement obligations 13,106 11,517 26,330 22,860
General and administrative expenses [1] 1,241,399 2,057,521 2,476,442 3,742,366
Restructuring charges [2] 0 1,257,433 0 1,257,433
Total operating costs 4,854,436 7,077,914 9,720,783 12,610,822
Income (loss) from operations 3,675,381 (454,987) 6,402,974 1,391,511
Other        
Gain on realized derivative instruments, net 0 1,298,201 90 2,164,628
Gain (loss) on unrealized derivative instruments, net 0 361,761 (14,132) 1,433,723
Delhi field insurance recovery related to pre-reversion event 0 0 0 1,074,957
Interest and other income 14,061 5,853 26,806 11,665
Interest expense (20,711) (18,666) (41,056) (37,126)
Income before income taxes 3,668,731 1,192,162 6,374,682 6,039,358
Income tax provision 1,361,097 368,889 2,250,273 2,123,858
Net income attributable to the Company 2,307,634 823,273 4,124,409 3,915,500
Dividends on preferred stock 0 168,576 250,990 337,151
Deemed dividend on preferred shares called for redemption 0 0 1,002,440 0
Net income available to common stockholders $ 2,307,634 $ 654,697 $ 2,870,979 $ 3,578,349
Earnings per common share        
Basic (in dollars per share) $ 0.07 $ 0.02 $ 0.09 $ 0.11
Diluted (in dollars per share) $ 0.07 $ 0.02 $ 0.09 $ 0.11
Weighted average number of common shares        
Basic (in shares) 33,047,166 32,741,166 33,002,088 32,729,705
Diluted (in shares) 33,083,027 32,802,440 33,037,269 32,789,461
Crude oil        
Revenues        
Total revenues $ 8,529,817 $ 6,565,804 $ 16,123,672 $ 13,891,617
Natural gas liquids        
Revenues        
Total revenues 0 685 89 1,735
Natural gas        
Revenues        
Total revenues 0 317 (4) 1,021
Artificial lift technology services        
Revenues        
Total revenues 0 56,121 0 107,960
Operating costs        
Production costs $ 0 $ 50,131 $ 0 $ 59,999
[1] General and administrative expenses for the three months ended December 31, 2016 and 2015 included non-cash stock-based compensation expense of $275,184 and $212,724, respectively. For the corresponding six month periods, non-cash stock compensation expense was $586,872 and $430,839, respectively.
[2] Restructuring charges include $59,339 of non-cash stock compensation expense for the three and six months ended December 31, 2015.