Consolidated Condensed Balance Sheets - USD ($)	Sep. 30, 2017	Jun. 30, 2017
Current assets
Cash and cash equivalents	$ 24,129,161	$ 23,028,153
Receivables	3,027,283	2,726,702
Prepaid expenses and other current assets	291,376	387,672
Total current assets	27,447,820	26,142,527
Oil and natural gas property and equipment, net (full-cost method of accounting)	60,901,957	61,790,068
Other property and equipment, net	36,418	40,689
Total property and equipment	60,938,375	61,830,757
Other assets	277,926	295,384
Total assets	88,664,121	88,268,668
Current liabilities
Accounts payable	2,032,076	1,992,416
Accrued liabilities and other	634,642	726,478
State and federal income taxes payable	370,745	0
Total current liabilities	3,037,463	2,718,894
Long term liabilities
Deferred income taxes	15,845,804	15,826,291
Asset retirement obligations	1,275,207	1,253,628
Total liabilities	20,158,474	19,798,813
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,066,717 shares and 33,087,308 as of September 30, 2017 and June 30, 2017, respectively	33,066	33,087
Additional paid-in capital	41,338,709	40,961,957
Retained earnings	27,133,872	27,474,811
Total stockholders’ equity	68,505,647	68,469,855
Total liabilities and stockholders’ equity	$ 88,664,121	$ 88,268,668

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).