Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net Income	$ 1,159,526	$ 1,143,518
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	307,129	236,891
Stock-based compensation	353,790	416,695
Accretion of discount on asset retirement obligations	21,107	16,972
Settlements of asset retirement obligations	(22,211)	(30,969)
Deferred income taxes	599,052	659,767
Accrued compensation		(180,000)
Deferred rent	(4,287)	(2,542)
Changes in operating assets and liabilities:
Receivables from oil and natural gas sales	(273,168)	106,424
Receivables from income taxes and other		28,678
Due to/from joint interest partner	(49,344)	(25,964)
Prepaid expenses and other current assets	56,630	(83,359)
Accounts payable and accrued expenses	(637,799)	(108,329)
Royalties payable	(51,810)	(387,747)
Income taxes payable	161,166	144,246
Net cash provided by operating activities	1,619,781	1,934,281
Cash flows from investing activities
Acquisitions of oil and natural gas properties	(743,720)	(167,964)
Development of oil and natural gas properties	(1,868,892)	(311,739)
Advances to joint venture operating partner	(101,790)
Other assets	(14,684)	(13,771)
Net cash used in investing activities	(2,729,086)	(493,474)
Cash flows from financing activities
Proceeds from issuances of preferred stock, net		6,054,456
Preferred stock dividends paid	(168,575)	(127,835)
Deferred loan costs	(16,211)
Net cash provided by (used in) financing activities	(184,786)	5,926,621
Net increase (decrease) in cash and cash equivalents	(1,294,091)	7,367,428
Cash and cash equivalents, beginning of period	14,428,548	4,247,438
Cash and cash equivalents, end of period	13,134,457	11,614,866
Supplemental disclosures of cash flow information:
Income taxes paid	0
Non-cash transactions:
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties	124,372	(136,610)
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties	(646,932)
Change in accounts payable related to joint venture activities		225,438
Oil and natural gas properties incurred through recognition of asset retirement obligations	$ 8,558	$ (30,969)