Consolidated Condensed Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
Current assets
Cash and cash equivalents	$ 24,875,567	$ 24,928,585
Certificate of deposit		250,000
Receivables
Oil and natural gas sales	1,544,707	1,632,853
Income taxes	214,423	281,970
Joint interest partner	383	49,063
Other	72,144	918
Deferred tax asset	15,249	26,133
Prepaid expenses and other current assets	643,055	266,554
Total current assets	27,365,528	27,436,076
Property and equipment, net of depreciation, depletion, and amortization
Oil and natural gas properties - full-cost method of accounting of which $4,112,704 was excluded from amortization at June 30, 2013	38,047,277	38,789,032
Other property and equipment	44,733	52,217
Total property and equipment	38,092,010	38,841,249
Advances to joint interest operating partner		26,059
Other assets	437,058	252,912
Total assets	65,894,596	66,556,296
Current liabilities
Accounts payable	485,951	642,018
Due to joint interest partner	110,393	127,081
Accrued compensation	1,075,120	1,385,494
Accrued restructuring charges	739,068
Royalties payable	130,022	91,427
Income taxes payable		233,548
Other current liabilities	674,395	153,182
Total current liabilities	3,214,949	2,632,750
Long term liabilities
Deferred income taxes	9,406,452	8,418,969
Asset retirement obligations	180,191	615,551
Deferred rent	40,006	52,865
Total liabilities	12,841,598	11,720,135
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued 32,571,335 shares at March 31, 2014, and 29,410,858 at June 30, 2013; outstanding 32,571,335 shares and 28,608,969 shares as of March 31, 2014 and June 30, 2013, respectively	32,571	29,410
Additional paid-in capital	33,987,802	31,813,239
Retained earnings	19,032,308	24,013,035
Stockholders equity before treasury stock	53,052,998	55,856,001
Treasury stock, at cost, no shares and 801,889 shares as of March 31, 2014 and June 30, 2013, respectively		(1,019,840)
Total stockholders' equity	53,052,998	54,836,161
Total liabilities and stockholders' equity	65,894,596	66,556,296
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 authorized, 317,319 shares issued and outstanding at March 31, 2014, and June 30, 2013 with a liquidation preference of $7,932,975 ($25.00 per share)	$ 317	$ 317