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Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Revenues        
Total revenues $ 9,525,437 $ 5,106,735 $ 25,649,194 $ 19,109,068
Operating costs        
Production costs 2,811,258 2,192,217 7,448,320 7,030,537
Depreciation, depletion and amortization 1,523,475 1,268,800 4,104,424 3,958,644
Accretion of discount on asset retirement obligations 13,562 11,695 39,892 34,555
General and administrative expenses [1] 1,283,906 2,304,237 3,760,348 6,046,603
Restructuring charges [2] 0 0 0 1,257,433
Total operating costs 5,632,201 5,787,882 15,352,984 18,398,704
Income (loss) from operations 3,893,236 (681,147) 10,296,210 710,364
Other        
Gain on realized derivative instruments, net 3,350 1,795,431 3,440 3,960,059
Gain (loss) on unrealized derivative instruments, net 47,965 (1,314,044) 33,833 119,679
Delhi field insurance recovery related to pre-reversion event 0 0 0 1,074,957
Interest and other income 13,099 11,851 39,905 23,516
Interest expense (20,317) (14,036) (61,373) (51,162)
Income (loss) before income taxes 3,937,333 (201,945) 10,312,015 5,837,413
Income tax provision (benefit) 1,518,190 (72,337) 3,768,463 2,051,521
Net income (loss) attributable to the Company 2,419,143 (129,608) 6,543,552 3,785,892
Dividends on preferred stock 0 168,575 250,990 505,726
Deemed dividend on preferred shares called for redemption 0 0 1,002,440 0
Net income (loss) available to common stockholders $ 2,419,143 $ (298,183) $ 5,290,122 $ 3,280,166
Earnings (loss) per common share        
Basic (in dollars per share) $ 0.07 $ (0.01) $ 0.16 $ 0.10
Diluted (in dollars per share) $ 0.07 $ (0.01) $ 0.16 $ 0.10
Weighted average number of common shares        
Basic (in shares) 33,062,297 32,879,381 33,021,865 32,779,234
Diluted (in shares) 33,115,699 32,879,381 33,064,708 32,834,765
Crude oil        
Revenues        
Total revenues $ 9,060,796 $ 5,005,955 $ 25,184,468 $ 18,897,572
Natural gas liquids        
Revenues        
Total revenues 464,641 597 464,730 2,332
Natural gas        
Revenues        
Total revenues 0 183 (4) 1,204
Artificial lift technology services        
Revenues        
Total revenues 0 100,000 0 207,960
Operating costs        
Production costs $ 0 $ 10,933 $ 0 $ 70,932
[1] General and administrative expenses for the three months ended March 31, 2017 and 2016 included non-cash stock-based compensation expense of $291,151 and $277,907, respectively. For the corresponding nine month periods, non-cash stock compensation expense was $878,023 and $708,746, respectively.
[2] Restructuring charges include $569,228 of non-cash impairment charges and $59,339 of non-cash stock compensation expense for the nine months ended March 31, 2016.