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Consolidated Condensed Statements of Operations - USD ($)
 3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Revenues    
Total revenues $ 8,537,871 $ 7,593,940
Operating costs    
Production costs 2,891,586 2,344,641
Depreciation, depletion and amortization 1,518,543 1,273,439
Accretion of discount on asset retirement obligations 21,579 13,224
General and administrative expenses [1] 1,569,704 1,235,043
Total operating costs 6,001,412 4,866,347
Income from operations 2,536,459 2,727,593
Other    
Gain on realized derivative instruments, net 0 90
Loss on unrealized derivative instruments, net 0 (14,132)
Interest and other income 14,850 12,745
Interest expense (20,455) (20,345)
Income before income taxes 2,530,854 2,705,951
Income tax provision 390,322 889,176
Net income attributable to the Company 2,140,532 1,816,775
Dividends on preferred stock 0 250,990
Deemed dividend on preferred shares called for redemption 0 1,002,440
Net income available to common stockholders $ 2,140,532 $ 563,345
Earnings per common share    
Basic (in dollars per share) $ 0.06 $ 0.02
Diluted (in dollars per share) $ 0.06 $ 0.02
Weighted average number of common shares    
Basic (in shares) 33,089,244 32,957,010
Diluted (in shares) 33,147,508 33,007,599
Crude oil    
Revenues    
Total revenues $ 7,829,255 $ 7,593,855
Natural gas liquids    
Revenues    
Total revenues 708,616 89
Natural gas    
Revenues    
Total revenues $ 0 $ (4)
[1] General and administrative expenses for the three months ended September 30, 2017 and 2016 included non-cash stock-based compensation expense of $487,484 and $311,688, respectively.