Consolidated Condensed Balance Sheets - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Current assets
Cash and cash equivalents	$ 25,743,497	$ 23,028,153
Receivables	4,078,153	2,726,702
Prepaid expenses and other current assets	824,048	387,672
Total current assets	30,645,698	26,142,527
Oil and natural gas property and equipment, net (full-cost method of accounting)	60,093,807	61,790,068
Other property and equipment, net	32,265	40,689
Total property and equipment	60,126,072	61,830,757
Other assets	260,468	295,384
Total assets	91,032,238	88,268,668
Current liabilities
Accounts payable	2,400,202	1,994,255
Accrued liabilities and other	660,467	724,639
Total current liabilities	3,060,669	2,718,894
Long term liabilities
Deferred income taxes	10,580,381	15,826,291
Asset retirement obligations	1,297,028	1,253,628
Total liabilities	14,938,078	19,798,813
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,171,514 and 33,087,308 shares issued and outstanding as of December 31, 2017 and June 30, 2017, respectively	33,171	33,087
Additional paid-in capital	41,538,133	40,961,957
Retained earnings	34,522,856	27,474,811
Total stockholders’ equity	76,094,160	68,469,855
Total liabilities and stockholders’ equity	$ 91,032,238	$ 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).