Consolidated Condensed Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 20,220,249	$ 34,077,060
Receivables	3,372,199	2,638,188
Deferred tax asset	0	105,321
Derivative assets, net	47,965	14,132
Prepaid expenses and other current assets	697,346	251,749
Total current assets	24,337,759	37,086,450
Oil and natural gas property and equipment, net (full-cost method of accounting)	62,771,528	59,970,463
Other property and equipment, net	45,194	28,649
Total property and equipment	62,816,722	59,999,112
Other assets	312,842	365,489
Total assets	87,467,323	97,451,051
Current liabilities
Accounts payable	1,707,415	5,809,107
Accrued liabilities and other	694,051	2,097,951
State and federal income taxes payable	457,306	621,850
Total current liabilities	2,858,772	8,528,908
Long term liabilities
Deferred income taxes	14,814,714	11,840,693
Asset retirement obligations	811,226	760,300
Total liabilities	18,484,712	21,129,901
Commitments and contingencies (Note 15)
Stockholders’ equity
Preferred stock, par value $0.001; 5,000,000 shares authorized:8.5% Series A Cumulative Preferred Stock, 1,000,000 shares designated, 317,319 shares issued; no shares outstanding at March 31, 2017 as all shares were redeemed November 14, 2016 (Note 8); and 317,319 shares outstanding at June 30, 2016 with a liquidation preference of $7,932,975 ($25.00 per share)	0	317
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,062,297 shares and 32,907,863 as of March 31, 2017 and June 30, 2016, respectively	33,062	32,907
Additional paid-in capital	40,659,387	47,171,563
Retained earnings	28,290,162	29,116,363
Total stockholders’ equity	68,982,611	76,321,150
Total liabilities and stockholders’ equity	$ 87,467,323	$ 97,451,051