Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Jun. 30, 2012
Current assets
Cash and cash equivalents	$ 24,928,585	$ 14,428,548
Certificates of deposit	250,000	250,000
Receivables
Oil and natural gas sales	1,632,853	1,343,347
Joint interest partner	49,063	96,151
Income taxes	281,970	92,885
Other	918	190
Deferred tax asset	26,133	325,235
Prepaid expenses and other current assets	266,554	233,433
Total current assets	27,436,076	16,769,789
Property and equipment, net of depreciation, depletion, and amortization
Oil and natural gas properties - full-cost method of accounting, of which $4,112,704 and $6,042,094 at June 30, 2013 and 2012, respectively, were excluded from amortization	38,789,032	40,476,172
Other property and equipment	52,217	92,271
Total property and equipment	38,841,249	40,568,443
Advances to joint interest operating partner	26,059	1,366,921
Other assets	252,912	250,333
Total assets	66,556,296	58,955,486
Current liabilities
Accounts payable	642,018	407,570
Due to joint interest partner	127,081	3,217,975
Accrued payroll	1,385,494	1,005,624
Royalties payable	91,427	294,013
State and federal taxes payable	233,548	91,967
Other current liabilities	153,182	71,768
Total current liabilities	2,632,750	5,088,917
Long term liabilities
Deferred income taxes	8,418,969	6,205,093
Asset retirement obligations	615,551	968,677
Deferred rent	52,865	70,011
Total liabilities	11,720,135	12,332,698
Commitments and contingencies (Note 14)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized; issued 29,410,858 shares at June 30, 2013 and 28,670,424 at June 30, 2012; outstanding 28,608,969 shares and 27,882,224 shares as of June 30, 2013 and 2012, respectively	29,410	28,670
Additional paid-in capital	31,813,239	29,416,914
Retained earnings	24,013,035	18,058,909
Stockholders equity before treasury stock	55,856,001	47,504,810
Treasury stock, at cost, 801,889 shares and 788,200 shares as of June 30, 2013 and 2012, respectively	(1,019,840)	(882,022)
Total stockholders' equity	54,836,161	46,622,788
Total liabilities and stockholders' equity	66,556,296	58,955,486
Series A Cumulative Preferred Stock
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 and outstanding at June 30, 2013 and 2012, respectively, with a total liquidation preference of $7,932,975 ($25.00 per share)	$ 317	$ 317