XML 18 R24.htm IDEA: XBRL DOCUMENT

Note 12 - Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

As of June 30, 2013		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Financial Assets (Liabilities):
Derivative Contracts - Swaps		$	-			$	261,939			$	-			$	261,939
Derivative Contracts - Collars		$	-			$	-			$	553,039			$	553,039

As of September 30, 2012		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Financial Assets (Liabilities):
Derivative Contracts - Swaps		$	-			$	(75,334	)		$	-			$	(75,334	)
Derivative Contracts - Collars		$	-			$	-			$	(96,937	)		$	(96,937	)

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

Instrument Type		Unobservable Input		Range				Weighted Average				Fair Value June 30, 2013

Oil Collars		Oil price volatility curve		0%	-	15.22%		9.18%				$	(18,765	)
Natural Gas Collars		Natural gas price volatility curve		0%	-	23.79%		16.19%				$	571,804

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		Derivatives
Balance of Level 3 as of October 1, 2012		$	(96,937	)
Total gains or (losses) - realized and unrealized:
Included in earnings
Realized			210,667
Unrealized			439,309
Included in other comprehensive income (loss)			-
Purchases, issuances and settlements			-
Transfers in and out of Level 3			-

Balance of Level 3 as of June 30, 2013		$	553,039

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

		Quarter Ended June 30,
		2013								2012
		Fair Value				Impairment				Fair Value				Impairment
Producing Properties		$	14,849			$	7,400	(a)		$	378,864			$	205,915	(a)

		Nine Months Ended June 30,
		2013								2012
		Fair Value				Impairment				Fair Value				Impairment
Producing Properties		$	356,855			$	225,841	(a)		$	1,287,827			$	786,724	(a)

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details