Evolution Petroleum (EPM) 10-Q 7 Nov 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2014	Nov. 04, 2014
Document and Entity Information	'	'
Entity Registrant Name	'EVOLUTION PETROLEUM CORP	'
Entity Central Index Key	'0001006655	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	32,797,644

Consolidated_Condensed_Balance

Consolidated Condensed Balance Sheets (USD $)	Sep. 30, 2014	Jun. 30, 2014
Current assets	'	'
Cash and cash equivalents	$21,368,144	$23,940,514
Receivables	'	'
Oil and natural gas sales	1,268,122	1,456,146
Other	23,524	1,066
Deferred tax asset	159,624	159,624
Prepaid expenses and other current assets	632,706	747,453
Total current assets	23,452,120	26,304,803
Property and equipment, net of depreciation, depletion, and amortization	'	'
Oil and natural gas property and equipment, net (full-cost method of accounting)	37,651,450	37,822,070
Other property and equipment, net	444,942	424,827
Total property and equipment	38,096,392	38,246,897
Other assets	527,341	464,052
Total assets	62,075,853	65,015,752
Current liabilities	'	'
Accounts payable	611,547	441,722
State and federal income taxes payable	44,173	0
Accrued liabilities and other	874,013	2,558,004
Total current liabilities	1,529,733	2,999,726
Long term liabilities	'	'
Deferred income taxes	10,021,875	9,897,272
Asset retirement obligations	209,028	205,512
Deferred rent	31,434	35,720
Total liabilities	11,792,070	13,138,230
Commitments and contingencies (Note 12)	'	'
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 September 30, 2014 and June 30, 2014 with a liquidation preference of $7,932,975 ($25.00 per share)	317	317
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 32,797,743 shares and 32,615,646 as of September 30, 2014 and June 30, 2014, respectively	32,797	32,615
Additional paid-in capital	35,357,362	34,632,377
Retained earnings	14,893,307	17,212,213
Total stockholders’ equity	50,283,783	51,877,522
Total liabilities and stockholders’ equity	$62,075,853	$65,015,752

Consolidated_Condensed_Balance1

Consolidated Condensed Balance Sheets (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Jun. 30, 2014
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	32,797,743	'
Common stock, shares issued	'	32,797,743
Series A Cumulative Preferred Stock	'	'
Preferred stock, shares authorized	1,000,000	1,000,000
Cumulative Preferred Stock (as a percent)	8.50%	8.50%
Preferred stock, shares issued	317,319	317,319
Preferred stock, shares outstanding	317,319	317,319
Preferred stock, total liquidation preference (in dollars)	$7,932,975	$7,932,975
Preferred stock, liquidation preference (in dollars per share)	$25	$25

Consolidated_Condensed_Stateme

Consolidated Condensed Statements of Operations (USD $)	3 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Revenues	'		'
Delhi field	$3,868,602		$4,429,811
Artificial lift technology	115,856		142,091
Other properties	20,369		61,797
Total revenues	4,004,827		4,633,699
Operating costs	'		'
Production costs - artificial lift technology	197,360		163,749
Production costs - other properties	88,022		254,501
Depreciation, depletion and amortization	369,350		309,673
Accretion of discount on asset retirement obligations	4,636		12,928
General and administrative expenses	1,504,593	[1]	1,928,951	[1]
Total operating costs	2,163,961		2,669,802
Income from operations	1,840,866		1,963,897
Other	'		'
Interest income	12,763		7,703
Interest (expense)	-18,460		-16,513
Net income before income taxes	1,835,169		1,955,087
Income tax provision	706,159		482,636
Net income attributable to the Company	1,129,010		1,472,451
Dividends on preferred stock	168,575		168,575
Net income available to common stockholders	$960,435		$1,303,876
Earnings per common share	'		'
Basic (in dollars per share)	$0.03		$0.05
Diluted (in dollars per share)	$0.03		$0.04
Weighted average number of common shares	'		'
Basic (in shares)	32,682,401		28,607,320
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,826,250		32,211,265
[1]	General and administrative expenses for the three months ended September 30, 2014 and 2013 included non-cash stock-based compensation expense of $243,337 and $373,438, respectively.

Consolidated_Condensed_Stateme1

Consolidated Condensed Statements of Operations (Parenthetical) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Stock-based compensation expense	$243,337	$373,438
General and administrative expenses	'	'
Stock-based compensation expense	$243,337	$373,438

Consolidated_Condensed_Stateme2

Consolidated Condensed Statements of Cash Flows (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities	'	'
Net income attributable to the Company	$1,129,010	$1,472,451
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation, depletion and amortization	381,509	319,885
Stock-based compensation	243,337	373,438
Accretion of discount on asset retirement obligations	4,636	12,928
Settlements of asset retirement obligations	-226,008	0
Deferred income taxes	124,603	72,395
Deferred rent	-4,286	-4,286
Changes in operating assets and liabilities:	'	'
Receivables from oil and natural gas sales	188,024	11,133
Receivables from income taxes and other	-22,458	918
Due from joint interest partner	0	-14,614
Prepaid expenses and other current assets	114,747	53,948
Accounts payable and accrued expenses	-1,345,875	-1,146,080
Income taxes payable	44,173	404,677
Net cash provided by operating activities	631,412	1,556,793
Cash flows from investing activities	'	'
Proceeds from asset sales	0	66,753
Capital expenditures for oil and natural gas properties	-1,136	-594,214
Capital expenditures for other property and equipment	-156,798	0
Other assets	-55,046	-1,913
Net cash used in investing activities	-212,980	-529,374
Cash flows from financing activities	'	'
Cash dividends to preferred stockholders	-168,575	-168,575
Cash dividends to common stockholders	-3,279,341	0
Acquisitions of treasury stock	-55,452	-117,182
Tax benefits related to stock-based compensation	537,282	0
Recovery of short swing profits	0	6,850
Deferred loan costs	-24,716	0
Net cash used in financing activities	-2,990,802	-278,907
Net increase (decrease) in cash and cash equivalents	-2,572,370	748,512
Cash and cash equivalents, beginning of period	23,940,514	24,928,585
Cash and cash equivalents, end of period	21,368,144	25,677,097
Our supplemental disclosures of cash flow information for the nine months ended March 31, 2014 and 2013 are as follows:	'	'
Income taxes paid	0	0
Non-cash transactions:	'	'
Change in accounts payable used to acquire property and equipment	-31,806	-136,436
Oil and natural gas property costs incurred through recognition of asset retirement obligations	$0	$45,172

Consolidated_Condensed_Stateme3

Consolidated Condensed Statement of Changes in Stockholder's Equity Statement (USD $)	Total	Preferred	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Balance, June 30, 2014 at Jun. 30, 2014	$51,877,522	$317	$32,615	$34,632,377	$17,212,213	$0
Balance (in shares), June 30, 2014 at Jun. 30, 2014	'	317,319	32,615,646	'	'	'
Issuance of restricted common stock (in shares)	'	'	187,726	'	'	'
Issuance of restricted common stock	'	'	188	-188	'	'
Acquisitions of treasury stock (in shares)	'	'	-5,629	'	'	'
Acquisitions of treasury stock	-55,452	'	'	'	'	-55,452
Retirements of treasury stock	'	'	-6	-55,446	'	55,452
Stock-based compensation	243,337	'	'	243,337	'	'
Tax benefits related to stock-based compensation	537,282	'	'	537,282	'	'
Net income	1,129,010	'	'	'	1,129,010	'
Common stock cash dividends	-3,279,341	'	'	'	-3,279,341	'
Preferred stock cash dividends	-168,575	'	'	'	-168,575	'
Balance, September 30, 2014 at Sep. 30, 2014	$50,283,783	$317	$32,797	$35,357,362	$14,893,307	$0
Balance (in shares), September 30, 2014 at Sep. 30, 2014	32,797,743	317,319	32,797,743	'	'	'

Organization_and_Basis_of_Prep

Organization and Basis of Preparation	3 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Basis of Preparation	'
	Organization and Basis of Preparation
	Nature of Operations.  Evolution Petroleum Corporation ("EPM") and its subsidiaries (the "Company", "we", "our" or
	"us"), is an independent petroleum company headquartered in Houston, Texas and incorporated under the laws of the State of
	Nevada. We are engaged primarily in the development of incremental oil and gas reserves within known oil and gas resources
	for our shareholders and customers utilizing conventional and proprietary technology.
	Interim Financial Statements.  The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”).  Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations.  All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included.  The interim financial information and notes hereto should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K for the fiscal year ended June 30, 2014, as filed with the SEC. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year.
	Principles of Consolidation and Reporting.  Our consolidated financial statements include the accounts of EPM and its
	wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated
	financial statements for the previous year include certain reclassifications that were made to conform to the current
	presentation. Such reclassifications have no impact on previously reported net income or stockholders' equity.
	Use of Estimates.  The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.

Property_and_Equipment

Property and Equipment	3 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment	'
	Property and Equipment
	As of September 30, 2014 and June 30, 2014, our oil and natural gas properties and other property and equipment consisted of the following:
		September 30,			June 30,
		2014			2014
	Oil and natural gas properties
	Property costs subject to amortization	$	47,167,417		$	47,166,282
	Less: Accumulated depreciation, depletion, and amortization	(9,515,967		)	(9,344,212		)
	Oil and natural gas properties, net	$	37,651,450		$	37,822,070
	Other property and equipment
	Furniture, fixtures and office equipment, at cost	$	348,507		$	343,178
	Artificial lift technology equipment, at cost	497,606			377,943
	Less: Accumulated depreciation	(401,171		)	(296,294		)
	Other property and equipment, net	$	444,942		$	424,827
	During the quarter ended September 30, 2014, we incurred $119,663 of costs related to the installation of our artificial lift technology on wells for a third-party customer. Under the contract for these installations, we fund the majority of the
	incremental equipment and installation costs and will receive 25% of the net profits from production, as defined, for as long as
	the technology remains in the wells. We are depreciating these costs using a method and a life which approximates the relative timing and amounts of our expected net revenues from the wells. During the quarter ended September 30, 2014, we recorded additional depreciation of $76,515 to expense the unrecovered installation costs of artificial lift equipment which was removed from one well and reinstalled in another well of a third-party customer.

Accrued_Liabilities_and_Other

Accrued Liabilities and Other	3 Months Ended
	Sep. 30, 2014
Other Liabilities, Current [Abstract]	'
Accrued Liabilities and Other	'
	Accrued Liabilities and Other
	As of September 30, 2014 and June 30, 2014 our other current liabilities consisted of the following:
		September 30,		June 30,
		2014		2014
	Accrued incentive and other compensation	$	323,318	$	1,358,653
	Accrued restructuring charges	175,307		530,412
	Officer retirement costs	116,289		288,258
	Asset retirement obligations due within one year	10,219		146,703
	Accrued royalties	77,376		89,179
	Accrued franchise taxes	113,027		87,575
	Other accrued liabilities	58,477		57,224
	Accrued liabilities and other	$	874,013	$	2,558,004

Restructuring

Restructuring	3 Months Ended
	Sep. 30, 2014
Restructuring and Related Activities [Abstract]	'
Restructuring	'
	Restructuring
	On November 1, 2013, we undertook an initiative to refocus our business to GARP® development that resulted in an
	adjustment of our workforce with less emphasis on oil and gas operations and greater emphasis on sales and marketing. In exchange for severance and non-compete agreements with the terminated employees, we recorded a restructuring charge of approximately $1,332,186 representing $376,365 of stock-based compensation from the accelerated vesting of equity awards and $955,821 of severance compensation and benefits to be paid during the twelve months ended December 31, 2014.  Our current estimate of the remaining accrued restructuring charges as of September 30, 2014 is as follows:
	Type of Cost	Balance at		Payments			Adjustment to Cost			30-Sep-14
		December 31,
		2013
	Salary continuation liability	$	615,721	$	(461,790	)	$	—		$	153,931
	Incentive compensation costs	185,525		(185,525		)	—			—
	Other benefit costs and employer taxes	154,575		(94,199		)	(39,000		)	21,376
	Accrued restructuring charges	$	955,821	$	(741,514	)	$	(39,000	)	$	175,307

Asset_Retirement_Obligations_N

Asset Retirement Obligations (Notes)	3 Months Ended
	Sep. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Asset Retirement Obligations	'
	Asset Retirement Obligations
	Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and
	remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following is a
	reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2014, and for the year ended June 30, 2014:
		September 30,			June 30,
		2014			2014
	Asset retirement obligations — beginning of period	$	352,215		$	615,551
	Liabilities sold	—			(48,273		)
	Liabilities incurred	—			—
	Liabilities settled	(137,604		)	(323,665		)
	Accretion of discount	4,636			41,626
	Revision of previous estimates	—			66,976
	Less obligations due within one year	(10,219		)	(146,703		)
	Asset retirement obligations — end of period	$	209,028		$	205,512

Stockholders_Equity_Notes

Stockholders' Equity (Notes)	3 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Common Stock
	Commencing in December 2013, the Board of Directors initiated a quarterly cash dividend on our common stock at a quarterly rate of $0.10 per share. During the three months ended September 30, 2014, we paid $3,279,341 of dividends to our common shareholders.
	For the quarter ended September 30, 2014, the Board of Directors authorized the issuance of 144,468 shares of restricted common stock from the 2004 Stock Plan to all employees as a long-term incentive award. In addition, the Board authorized the issuance of 43,258 shares of restricted common stock to various employees for incentive compensation purposes. See Note 7 - Stock-Based Incentive Plan.
	Series A Cumulative Perpetual Preferred Stock
	At September 30, 2014, there were 317,319 shares of the Company’s 8.5% Series A Cumulative (perpetual) Preferred Stock outstanding.  The Series A Cumulative Preferred Stock cannot be converted into our common stock and there are no sinking fund or redemption rights available to the holders thereof. Optional redemption can only be made by us on or after July 1, 2014 for the stated liquidation value of $25.00 per share plus accrued dividends.  With respect to dividend rights and rights upon our liquidation, winding-up or dissolution, the Series A Preferred Stock ranks senior to our common shareholders, but subordinate to any of our existing and future debt.  Dividends on the Series A Cumulative Preferred Stock accrue and accumulate at a fixed rate of 8.5% per annum on the $25.00 per share liquidation preference, payable monthly at $0.177083 per share, as, if and when declared by our Board of Directors through its Dividend Committee. We paid dividends of $168,575 and $168,575 to holders of our Series A Preferred Stock during the three months ended September 30, 2014 and 2013, respectively.
	Expected Tax Treatment of Dividends
	For the fiscal year ended June 30, 2014, cash dividends on preferred and common stock were treated for tax purposes as a return of capital to our shareholders. Based on our current projections we expect that the majority, if not all, of our cash dividends for the fiscal year ending June 30, 2015 will be treated as qualified dividend income and not as a return of capital. We will make a final determination regarding the tax treatment of dividends for the current fiscal year when we report this information to recipients.

StockBased_Incentive_Plan_Note

Stock-Based Incentive Plan (Notes)	3 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Incentive Plan	'
	Stock-Based Incentive Plan
	We may grant option awards to purchase common stock (the "Stock Options"), restricted common stock awards
	("Restricted Stock"), and unrestricted fully vested common stock, to employees, directors, and consultants of the Company
	under the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the "Plan"). The Plan authorizes the
	issuance of 6,500,000 shares of common stock and 568,269 shares remain available for grant as of September 30, 2014.
	Stock Options
	No Stock Options have been granted since August 2008 and all compensation costs attributable to Stock Options have been recognized in prior periods.
	The following summary presents information regarding outstanding Stock Options as of September 30, 2014, and the changes during the fiscal year:
		Number of Stock		Weighted Average		Aggregate		Weighted
		Options		Exercise Price		Intrinsic Value		Average
		and Incentive				-1		Remaining
		Warrants						Contractual
								Term (in
								years)
	Stock Options outstanding at July 1, 2014	178,061		$	2.08
	Stock Options outstanding at September 30, 2014	178,061		$	2.08	$	1,264,907	1.5
	Vested or expected to vest at September 30, 2014	178,061		$	2.08	$	1,264,907	1.5
	Exercisable at September 30, 2014	178,061		$	2.08	$	1,264,907	1.5
	(1) Based upon the difference between the market price of our common stock on the last trading date of the period ($9.18 as of September 30, 2014) and the Stock Option exercise price of in-the-money Stock Options.
	Restricted Stock and Contingent Restricted Stock
	Prior to the quarter ended September 30, 2014 all restricted stock grants contained a four-year vesting period based solely on service. Restricted stock which vests based solely on service is valued at the fair market value on the date of grant and amortized over the service period.
	During the three months ended September 30, 2014, the Company awarded long-term incentive grants of both restricted stock and contingent restricted stock. Such grants, which expire after four years if unvested, contain service-based, performance-based and market-based vesting provisions. The common shares underlying the restricted stock grants were issued on the date of grant, whereas the contingent restricted stock will be issued only upon the attainment of specified performance-based or market-based vesting provisions.
	Performance-based grants vest upon the attainment of earnings, revenue and other operational goals and require that the recipient remain an employee of the Company upon vesting. The Company recognizes compensation expense for performance-based awards ratably over the expected vesting period when it is deemed probable, for accounting purposes, that the performance criteria will be achieved. The expected vesting period may be deemed to be shorter than the remainder of the four year term. As of September 30, 2014, the Company does not consider the vesting of these performance-based grants to be probable and no compensation expense has been recognized.
	Market-based awards entitle employees to vest in a fixed number of shares when the three-year trailing total return on the Company’s common stock exceeds the corresponding total returns of various quartiles of companies comprising the SIG Exploration and Production Index (NASDAQ EPX) during defined measurement periods. The fair value and expected vesting period of these awards was determined using a Monte Carlo simulation based on the historical volatility of the Company's total return compared to the historical volatilities of the other companies in the index. Fair values for these market-based awards ranged from $4.26 to $8.40 with expected vesting periods of 3.30 to 2.55 years, based on the various quartiles of comparative market performance. Compensation expense for market-based awards is recognized over the expected vesting period using the straight-line method, so long as the award holder remains an employee of the Company. Total compensation expense is based on the fair value of the awards at the date of grant and is independent of vesting or expiration of the awards, except for termination of service.
	The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2014:
		Number of		Weighted		Unamortized Compensation Expense at September 30, 2014 (1)		Weighted Average Remaining Amortization Period (Years)
		Restricted		Average
		Shares		Grant-Date
				Fair Value
	Unvested at July 1, 2014	140,067		$	8.7
	Service-based shares granted	75,170		10.13
	Performance-based shares granted	76,642		10.05
	Market-based shares granted	35,914		7.59
	Vested	(21,873	)	6.86
	Unvested at September 30, 2014	305,920		$	9.39	$	1,789,833	2.9
	(1) Excludes $770,252 of potential future compensation expense for performance-based awards that are not probable.
	The following table summarizes Contingent Restricted Stock activity:
		Number of		Weighted		Unamortized Compensation Expense at September 30, 2014 (1)		Weighted Average Remaining Amortization Period (Years)
		Restricted		Average
		Stock Units		Grant-Date
				Fair Value
	Unvested at July 1, 2014	—		$	—
	Performance-based awards granted	38,325		10.05
	Market-based awards granted	17,961		4.26
	Unvested at September 30, 2014	56,286		$	8.2	$	74,502	3.2
	(1) Excludes $385,166 of potential future compensation expense for performance-based awards that are not probable.
	Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended September 30, 2014 and 2013 was $243,337 and $373,438, respectively.

Fair_Value_Measurement_Notes

Fair Value Measurement (Notes)	3 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurement	'
	Fair Value Measurement
	Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.
	The three levels are defined as follows:
	Level 1 — Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.
	Level 2 — Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
	Level 3 — Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.
	Fair Value of Financial Instruments.  The Company’s other financial instruments consist of cash and cash equivalents, certificates of deposit, receivables and payables. The carrying amounts of cash and cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments.
	Other Fair Value Measurements.  The initial measurement of asset retirement obligations at fair value is calculated using discounted future cash flows of internally estimated costs. Significant Level 3 inputs used in the calculation of asset retirement obligations include the costs of plugging and abandoning wells, surface restoration and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values, which we review quarterly.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	We file a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions.
	There were no unrecognized tax benefits nor any accrued interest or penalties associated with unrecognized tax benefits during the three months ended September 30, 2014.  We believe we have appropriate support for the income tax positions taken and to be taken on our tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the years ending June 30, 2010 through June 30, 2014.
	Our effective tax rate for any period may differ from the statutory federal rate due to (i) our state income tax liability in Louisiana; (ii) stock-based compensation expense related to qualified incentive stock option awards (“ISO awards”), which creates a permanent tax difference for financial reporting, as these types of awards, if certain conditions are met, are not deductible for federal tax purposes; and (iii) statutory percentage depletion, which may create a permanent tax difference for financial reporting.
	We recognized income tax expense of $706,159 and $482,636 for the three months ended September 30, 2014 and 2013, respectively, with corresponding effective rates of 38.5% and 24.7%.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Net Income Per Share	'
	Net Income Per Share
	The following table sets forth the computation of basic and diluted income per share:
			Three Months Ended September 30,
			2014			2013
	Numerator
	Net income available to common shareholders		$	960,435		$	1,303,876
	Denominator
	Weighted average number of common shares — Basic		32,682,401			28,607,320
	Effect of dilutive securities:
	Weighted average of contingent restricted stock grants		1,552			—
	Weighted average of stock options		142,297			3,603,945
	Weighted average number of common shares and dilutive potential common shares used in diluted EPS		32,826,250			32,211,265
	Net income per common share — Basic		$	0.03		$	0.05
	Net income per common share — Diluted		$	0.03		$	0.04
	Outstanding potentially dilutive securities as of September 30, 2014 were as follows:
	Outstanding Potential Dilutive Securities	Weighted			At
		Average			September 30,
		Exercise Price			2014
	Contingent restricted stock grants	$	—		56,286
	Stock options	$	2.08		178,061
		$	1.58		234,347
	Outstanding potentially dilutive securities as of September 30, 2013 were as follows:
	Outstanding Potential Dilutive Securities	Weighted			At
		Average			September 30,
		Exercise Price			2013
	Stock options	$	1.99		4,822,820

Unsecured_Revolving_Credit_Agr

Unsecured Revolving Credit Agreement	3 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Unsecured Revolving Credit Agreement	'
	Unsecured Revolving Credit Agreement
	On February 29, 2012, Evolution Petroleum Corporation entered into a Credit Agreement (the “Credit Agreement”) with Texas Capital Bank, N.A. (the “Lender”).  The Credit Agreement provides us with a revolving credit facility (the “facility”) in an amount up to $50,000,000 with availability governed by an Initial Borrowing Base of $5,000,000.  A portion of the facility not in excess of $1,000,000 is available for the issuance of letters of credit.
	The facility is unsecured and has a term of four years.  Our subsidiaries guaranteed the Company’s obligations under the facility.  We may use the proceeds of any loans under the facility for the acquisition and development of oil and gas properties, as defined in the facility, the issuance of letters of credit, and for working capital and general corporate purposes.
	Semi-annually, the borrowing base and a monthly reduction amount are re-determined from reserve reports.  Requests by the Company to increase the $5,000,000 initial amount are subject to the Lender’s credit approval process, and are also limited to 25% of the value of our oil and gas properties, as defined.
	At our option, borrowings under the facility bear interest at a rate of either (i) an Adjusted LIBOR rate (LIBOR rate divided by the remainder of 1 less the Lender’s Regulation D reserve requirement), or (ii) an adjusted Base Rate equal to the greater of the Lender’s prime rate or the sum of 0.50% and the Federal Funds Rate. A maximum of three LIBOR based loans can be outstanding at any time.  Allowed loan interest periods are one, two, three and six months.  LIBOR interest is payable at the end of the interest period except for six-month loans for which accrued interest is payable at three months and at end of term.  Base Rate interest is payable monthly.  Letters of credit bear fees reflecting 3.5% per annum rate applied to their principal amounts and are due when transacted.  The maximum term of letters of credit is one year.
	A commitment fee of 0.50% per annum accrues on unutilized availability and is payable quarterly.  We are responsible for certain administrative expenses of the Lender over the life of the Credit Agreement as well as $50,000 in loan costs incurred upon closing.
	The Credit Agreement also contains financial covenants including a requirement that we maintain a current ratio of not less than 1.5 to 1; a ratio of total funded Indebtedness to EBITDA of not more than 2.5 to 1, and a ratio of EBITDA to interest expense of not less than 3 to 1.  The agreement specifies certain customary covenants, including restrictions on the Company and its subsidiaries from pledging their assets, incurring defined Indebtedness outside of the facility other that permitted indebtedness, and it restricts certain asset sales.  Payments of dividends for the Series A Preferred are only restricted by the EBITDA to interest coverage ratio, wherein Series A dividends are a 1X deduction from EBITDA (as opposed to a 3:1 requirement if dividends were treated as interest expense).  The Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Lender may declare all amounts outstanding under the Credit Agreement, if any, to be immediately due and payable.
	As of September 30, 2014, the Company had no borrowings and no outstanding letters of credit issued under the facility, resulting in an available borrowing base capacity of $5,000,000, and we are in compliance with all the covenants of the
	Credit Agreement. During May 2014, the Credit Agreement was amended to permit the payment of cash dividends on common stock if no borrowings are outstanding at the time of such payment.
	In connection with this agreement we incurred $179,468 of debt issuance costs, which have been capitalized in Other Assets and are being amortized on a straight-line basis over the term of the agreement. The unamortized balance in debt
	issuance costs related to the Credit Agreement was $68,888 as of September 30, 2014. The Company is in discussions with the
	Lender to replace the unsecured Credit Agreement with an expanded secured facility. As of September 30, 2014, the Company had incurred approximately $88,251 in legal and title costs related to this proposed agreement, which are also capitalized in Other Assets.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	We are subject to various claims and contingencies in the normal course of business. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. At a minimum we disclose such matters if we believe it is reasonably possible that a future event or events will confirm a loss through impairment of an asset or the incurrence of a liability. We accrue a loss if we believe it is probable that a future event or events will confirm a loss and we can reasonably estimate such loss and we do not accrue future legal costs related to that loss. Furthermore, we will disclose any matter that is unasserted if we consider it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable. We expense legal defense costs as they are incurred.  For legal proceedings, see “Part II, Item 1. Legal Proceedings.”
	Lease Commitments.  We have a non-cancelable operating lease for office space that expires on August 1, 2016. Future minimum lease commitments as of September 30, 2014 under this operating lease are as follows:
	For the twelve months ended September 30,
	2015	$	159,011
	2016	132,509
	Total	$	291,520
	Rent expense for the three months ended September 30, 2014 and 2013 was $43,776 and $41,918, respectively.
	Employment Contracts.  We have entered into employment agreements with two of the Company's senior executives.
	The employment contracts provide for severance payments in the event of termination by the Company for any reason other
	than cause or permanent disability, or in the event of a constructive termination, as defined. The agreements provide for the
	payment of base pay and certain medical and disability benefits for periods ranging from six months to one year after termination.  The total contingent obligation under the employment contracts as of September 30, 2014 is approximately $473,000.

Subsequent_Event_Notes

Subsequent Event (Notes)	3 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	On October 24, 2014, the Company sold all of its joint venture interests in its Mississippian Lime properties in Kay County, Oklahoma for approximately $400,000, net of customary closing adjustments, and the buyer's assumption of all abandonment liabilities.
	Denbury Resources, Inc., operator of the Delhi Field in northeast Louisiana, has informed the Company of its preliminary determination that payout occurred during the month of October 2014 and that the Company will earn its reversionary working interest of 23.9% and associated revenue interest of 19.1% in the Delhi Field effective November 1, 2014. When combined with our existing 7.4% royalty and overriding royalty interests, our total net revenue interest will increase to 26.5%, while we will now be responsible for paying 23.9% of the operating costs and capital expenditures going forward.

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Schedule of oil and natural gas properties and other property and equipment	'
	As of September 30, 2014 and June 30, 2014, our oil and natural gas properties and other property and equipment consisted of the following:
		September 30,			June 30,
		2014			2014
	Oil and natural gas properties
	Property costs subject to amortization	$	47,167,417		$	47,166,282
	Less: Accumulated depreciation, depletion, and amortization	(9,515,967		)	(9,344,212		)
	Oil and natural gas properties, net	$	37,651,450		$	37,822,070
	Other property and equipment
	Furniture, fixtures and office equipment, at cost	$	348,507		$	343,178
	Artificial lift technology equipment, at cost	497,606			377,943
	Less: Accumulated depreciation	(401,171		)	(296,294		)
	Other property and equipment, net	$	444,942		$	424,827

Accrued_Liabilities_and_Other_

Accrued Liabilities and Other (Tables)	3 Months Ended
	Sep. 30, 2014
Other Liabilities, Current [Abstract]	'
Schedule of accrued liabilities	'
	As of September 30, 2014 and June 30, 2014 our other current liabilities consisted of the following:
		September 30,		June 30,
		2014		2014
	Accrued incentive and other compensation	$	323,318	$	1,358,653
	Accrued restructuring charges	175,307		530,412
	Officer retirement costs	116,289		288,258
	Asset retirement obligations due within one year	10,219		146,703
	Accrued royalties	77,376		89,179
	Accrued franchise taxes	113,027		87,575
	Other accrued liabilities	58,477		57,224
	Accrued liabilities and other	$	874,013	$	2,558,004

Restructuring_Tables

Restructuring (Tables)	3 Months Ended
	Sep. 30, 2014
Restructuring and Related Activities [Abstract]	'
Schedule of current estimate of remaining accrued restructuring charges	'
	Our current estimate of the remaining accrued restructuring charges as of September 30, 2014 is as follows:
	Type of Cost	Balance at		Payments			Adjustment to Cost			30-Sep-14
		December 31,
		2013
	Salary continuation liability	$	615,721	$	(461,790	)	$	—		$	153,931
	Incentive compensation costs	185,525		(185,525		)	—			—
	Other benefit costs and employer taxes	154,575		(94,199		)	(39,000		)	21,376
	Accrued restructuring charges	$	955,821	$	(741,514	)	$	(39,000	)	$	175,307

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	3 Months Ended
	Sep. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Schedule of reconciliations of the beginning and ending asset retirement obligation balances	'
	The following is a
	reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2014, and for the year ended June 30, 2014:
		September 30,			June 30,
		2014			2014
	Asset retirement obligations — beginning of period	$	352,215		$	615,551
	Liabilities sold	—			(48,273		)
	Liabilities incurred	—			—
	Liabilities settled	(137,604		)	(323,665		)
	Accretion of discount	4,636			41,626
	Revision of previous estimates	—			66,976
	Less obligations due within one year	(10,219		)	(146,703		)
	Asset retirement obligations — end of period	$	209,028		$	205,512

StockBased_Incentive_Plan_Tabl

Stock-Based Incentive Plan (Tables)	3 Months Ended
	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Summary of information regarding outstanding Stock Options and Incentive Warrants and the changes during the fiscal year	'
	The following summary presents information regarding outstanding Stock Options as of September 30, 2014, and the changes during the fiscal year:
		Number of Stock		Weighted Average		Aggregate		Weighted
		Options		Exercise Price		Intrinsic Value		Average
		and Incentive				-1		Remaining
		Warrants						Contractual
								Term (in
								years)
	Stock Options outstanding at July 1, 2014	178,061		$	2.08
	Stock Options outstanding at September 30, 2014	178,061		$	2.08	$	1,264,907	1.5
	Vested or expected to vest at September 30, 2014	178,061		$	2.08	$	1,264,907	1.5
	Exercisable at September 30, 2014	178,061		$	2.08	$	1,264,907	1.5
	(1) Based upon the difference between the market price of our common stock on the last trading date of the period ($9.18 as of September 30, 2014) and the Stock Option exercise price of in-the-money Stock Options.
Restricted Stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Schedule of Restricted Stock transactions	'
	The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2014:
		Number of		Weighted		Unamortized Compensation Expense at September 30, 2014 (1)		Weighted Average Remaining Amortization Period (Years)
		Restricted		Average
		Shares		Grant-Date
				Fair Value
	Unvested at July 1, 2014	140,067		$	8.7
	Service-based shares granted	75,170		10.13
	Performance-based shares granted	76,642		10.05
	Market-based shares granted	35,914		7.59
	Vested	(21,873	)	6.86
	Unvested at September 30, 2014	305,920		$	9.39	$	1,789,833	2.9
	(1) Excludes $770,252 of potential future compensation expense for performance-based awards that are not probable.
Contingent Restricted Stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Schedule of Restricted Stock transactions	'
	The following table summarizes Contingent Restricted Stock activity:
		Number of		Weighted		Unamortized Compensation Expense at September 30, 2014 (1)		Weighted Average Remaining Amortization Period (Years)
		Restricted		Average
		Stock Units		Grant-Date
				Fair Value
	Unvested at July 1, 2014	—		$	—
	Performance-based awards granted	38,325		10.05
	Market-based awards granted	17,961		4.26
	Unvested at September 30, 2014	56,286		$	8.2	$	74,502	3.2
	(1) Excludes $385,166 of potential future compensation expense for performance-based awards that are not probable.

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of computation of basic and diluted income per share	'
	The following table sets forth the computation of basic and diluted income per share:
			Three Months Ended September 30,
			2014			2013
	Numerator
	Net income available to common shareholders		$	960,435		$	1,303,876
	Denominator
	Weighted average number of common shares — Basic		32,682,401			28,607,320
	Effect of dilutive securities:
	Weighted average of contingent restricted stock grants		1,552			—
	Weighted average of stock options		142,297			3,603,945
	Weighted average number of common shares and dilutive potential common shares used in diluted EPS		32,826,250			32,211,265
	Net income per common share — Basic		$	0.03		$	0.05
	Net income per common share — Diluted		$	0.03		$	0.04
Schedule of outstanding potentially dilutive securities	'
	Outstanding potentially dilutive securities as of September 30, 2013 were as follows:
	Outstanding Potential Dilutive Securities	Weighted			At
		Average			September 30,
		Exercise Price			2013
	Stock options	$	1.99		4,822,820
	Outstanding potentially dilutive securities as of September 30, 2014 were as follows:
	Outstanding Potential Dilutive Securities	Weighted			At
		Average			September 30,
		Exercise Price			2014
	Contingent restricted stock grants	$	—		56,286
	Stock options	$	2.08		178,061
		$	1.58		234,347

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of future minimum lease commitments under the operating lease	'
	Future minimum lease commitments as of September 30, 2014 under this operating lease are as follows:
	For the twelve months ended September 30,
	2015	$	159,011
	2016	132,509
	Total	$	291,520

Property_and_Equipment_Schedul

Property and Equipment - Schedule of Property and Equipment (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014
	well
Property and Equipment	'	'
Installation costs of artificial lift technology	$119,663	'
Percentage of net profits from production	25.00%	'
Additional depreciation	76,515	'
Well removed and installed with artificial lift technology	1	'
Total property and equipment	38,096,392	38,246,897
Oil and natural gas properties	'	'
Property and Equipment	'	'
Total property and equipment	37,651,450	37,822,070
Oil and natural gas properties	'	'
Property costs subject to amortization	47,167,417	47,166,282
Less: Accumulated depreciation, depletion, and amortization	-9,515,967	-9,344,212
Other Property and Equipment	'	'
Property and Equipment	'	'
Total property and equipment	444,942	424,827
Other property and equipment	'	'
Furniture, fixtures and office equipment, at cost	348,507	343,178
Artificial lift technology equipment, at cost	497,606	377,943
Less: Accumulated depreciation	($401,171)	($296,294)

Accrued_Liabilities_and_Other_1

Accrued Liabilities and Other - Schedule of Other Current Liabilities (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Other Liabilities, Current [Abstract]	'	'
Accrued incentive and other compensation	$323,318	$1,358,653
Accrued restructuring charges	175,307	530,412
Officer retirement costs	116,289	288,258
Asset retirement obligations due within one year	10,219	146,703
Accrued royalties	77,376	89,179
Accrued franchise taxes	113,027	87,575
Other accrued liabilities	58,477	57,224
Accrued liabilities and other	$874,013	$2,558,004

Restructuring_Schedule_of_Rest

Restructuring - Schedule of Restructuring Charges (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Nov. 01, 2013
Current estimate of remaining accrued restructuring charges	'	'
Balance at December 31, 2013	'	$1,332,186
30-Sep-14	'	1,332,186
Salary continuation liability	'	'
Current estimate of remaining accrued restructuring charges	'	'
Balance at December 31, 2013	615,721	'
Payments	-461,790	'
Adjustment to Cost	0	'
30-Sep-14	153,931	'
Incentive compensation costs	'	'
Current estimate of remaining accrued restructuring charges	'	'
Balance at December 31, 2013	185,525	'
Payments	-185,525	'
Adjustment to Cost	0	'
30-Sep-14	0	'
Other benefit costs and employer taxes	'	'
Current estimate of remaining accrued restructuring charges	'	'
Balance at December 31, 2013	154,575	'
Payments	-94,199	'
Adjustment to Cost	-39,000	'
30-Sep-14	21,376	'
Accrued restructuring charges	'	'
Current estimate of remaining accrued restructuring charges	'	'
Balance at December 31, 2013	955,821	955,821
Payments	-741,514	'
Adjustment to Cost	-39,000	'
30-Sep-14	$175,307	$955,821

Restructuring_Narrative_Detail

Restructuring - Narrative (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Nov. 01, 2013
Restructuring Cost and Reserve [Line Items]	'	'	'
Restructuring Charges	'	'	$1,332,186
Stock Compensation	'	'	'
Restructuring Cost and Reserve [Line Items]	'	'	'
Restructuring Charges	'	'	376,365
Accrued restructuring charges	'	'	'
Restructuring Cost and Reserve [Line Items]	'	'	'
Restructuring Charges	$175,307	$955,821	$955,821

Asset_Retirement_Obligations_R

Asset Retirement Obligations - Reconciliation of Asset Retirement Obligation (Details) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Reconciliation of the beginning and ending asset retirement obligation	'	'	'
Asset retirement obligations b beginning of period	$352,215	$615,551	$615,551
Liabilities sold	0	'	-48,273
Liabilities incurred	0	'	0
Liabilities settled	-137,604	'	-323,665
Accretion of discount	4,636	12,928	41,626
Revision of previous estimates	0	'	66,976
Less obligations due within one year	-10,219	'	-146,703
Asset retirement obligations b end of period	$209,028	'	$205,512

Stockholders_Equity_Common_Sto

Stockholders' Equity - Common Stock (Details) (USD $)	3 Months Ended
	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Cash dividend per common share	$0.10
Cash dividends to common stockholders	$3,279,341
2004 Stock Plan	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted common stock authorized for issuance under plan	6,500,000
2004 Stock Plan | Restricted Stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted common stock authorized for issuance under plan	144,468
Various Employees | 2004 Stock Plan | Restricted Stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted common stock authorized for issuance under plan	43,258

Stockholders_Equity_Series_A_C

Stockholders' Equity - Series A Cumulative Perpetual Preferred Stock (Details 2) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Series A Cumulative Perpetual Preferred Stock	'	'	'
Cash Dividends to Preferred Stockholders	$168,575	$168,575	'
Series A cumulative perpetual preferred stock	'	'	'
Series A Cumulative Perpetual Preferred Stock	'	'	'
Number of shares sold of series A cumulative perpetual preferred stock	317,319	'	'
Preferred stock dividend rate (as a percent)	8.50%	'	8.50%
Preferred stock, liquidation preference (in dollars per share)	$25	'	$25
Amount of sinking fund available to stockholders	0	'	'
Dividend payable monthly on preferred stock (in dollars per share)	$0.18	'	'
Cash Dividends to Preferred Stockholders	$168,575	$168,575	'

StockBased_Incentive_Plan_Narr

Stock-Based Incentive Plan - Narrative (Details) (2004 Stock Plan)	Sep. 30, 2014
2004 Stock Plan	'
Stock-Based Incentive Plan	'
Number of shares of common stock authorized for issuance under plan	6,500,000
Number of shares remaining available for grant under plan	568,269

StockBased_Incentive_Plan_Stoc

Stock-Based Incentive Plan - Stock Options and Incentive Warrants (Details 1) (USD $)	3 Months Ended
	Sep. 30, 2014
Common Stock	'
Additional disclosures of Stock Options and Incentive Warrants	'
Market price of common stock on the last trading date of the period (in dollars per share)	$9.18
Stock Options and Incentive Warrants	'
Number of Stock Options and Incentive Warrants	'
Stock Options and Incentive Warrants outstanding at the beginning of the period (in shares)	178,061
Stock Options and Incentive Warrants outstanding at the end of the period (in shares)	178,061
Vested or expected to vest at the end of the period (in shares)	178,061
Exercisable at the end of the period (in shares)	178,061
Weighted Average Exercise Price	'
Stock Options and Incentive Warrants outstanding at the beginning of the period (in dollars per share)	$2.08
Stock Options and Incentive Warrants outstanding at the end of the period (in dollars per share)	$2.08
Vested or expected to vest at the end of the period (in dollars per share)	$2.08
Exercisable at the end of the period (in dollars per share)	$2.08
Aggregate Intrinsic Value	'
Stock Options and Incentive Warrants outstanding at the end of the period	$1,264,907	[1]
Vested or expected to vest at the end of the period	1,264,907	[1]
Exercisable at the end of the period (in dollars)	$1,264,907	[1]
Weighted Average Remaining Contractual Term (in years)	'
Stock Options and Incentive Warrants outstanding at the end of the period	'1 year 6 months
Vested or expected to vest at the end of the period	'1 year 6 months
Exercisable at the end of the period	'1 year 6 months
[1]	Based upon the difference between the market price of our common stock on the last trading date of the period ($9.18 as of SeptemberB 30, 2014) and the Stock Option exercise price of in-the-money Stock Options.

StockBased_Incentive_Plan_Rest

Stock-Based Incentive Plan - Restricted Stock (Details 3) (USD $)	3 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Restricted Stock	'		'
Stock-Based Incentive Plan	'		'
Stock-based compensation expense	$243,337		$373,438
Number of Restricted Shares	'		'
Unvested at the beginning of the period (in shares)	140,067		'
Vested (in shares)	-21,873		'
Unvested at the end of the period (in shares)	305,920		'
Weighted Average Grant-Date Fair Value	'		'
Unvested at the beginning of the period (in dollars per share)	$8.70		'
Vested (in dollars per share)	$6.86		'
Unvested at the end of the period (in dollars per share)	$9.39		'
Additional disclosures of restricted stock	'		'
Unrecognized stock compensation expense related to Restricted Stock	1,789,833	[1]	'
Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized	'2 years 10 months 24 days		'
Restricted Stock, Service-Based	'		'
Number of Restricted Shares	'		'
Granted (in shares)	75,170		'
Weighted Average Grant-Date Fair Value	'		'
Granted (in dollars per share)	$10.13		'
Restricted Stock, Performance-Based	'		'
Stock-Based Incentive Plan	'		'
Potential future compensation expense	$770,252		'
Number of Restricted Shares	'		'
Granted (in shares)	76,642		'
Weighted Average Grant-Date Fair Value	'		'
Granted (in dollars per share)	$10.05		'
Restricted Stock, Market-Based	'		'
Number of Restricted Shares	'		'
Granted (in shares)	35,914		'
Weighted Average Grant-Date Fair Value	'		'
Granted (in dollars per share)	$7.59		'
[1]	Excludes $770,252 of potential future compensation expense for performance-based awards that are not probable.

StockBased_Incentive_Plan_Cont

Stock-Based Incentive Plan - Contingent Restricted Stock Activity (Details 4) (USD $)	3 Months Ended
	Sep. 30, 2014
Contingent Restricted Stock	'
Number of Restricted Stock Units	'
Unvested at the beginning of the period (in shares)	0
Unvested at the end of the period (in shares)	56,286
Weighted Average Grant-Date Fair Value	'
Unvested at the beginning of the period (in dollars per share)	$0
Unvested at the end of the period (in dollars per share)	$8.20
Unrecognized stock compensation expense related to Restricted Stock grants	$74,502	[1]
Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized	'3 years 2 months 12 days
Contingent Restricted Stock, Performance-Based	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Potential future compensation expense	$385,166
Number of Restricted Stock Units	'
Granted (in shares)	38,325
Weighted Average Grant-Date Fair Value	'
Granted (in dollars per share)	$10.05
Contingent Restricted Stock, Market-Based	'
Number of Restricted Stock Units	'
Granted (in shares)	17,961
Weighted Average Grant-Date Fair Value	'
Granted (in dollars per share)	$4.26
[1]	Excludes $385,166 of potential future compensation expense for performance-based awards that are not probable.

StockBased_Incentive_Plan_Fair

Stock-Based Incentive Plan - Fair Value Inputs and Assumptions (Details 2) (Restricted Stock, USD $)	3 Months Ended
	Sep. 30, 2014
Minimum	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Fair value at grant date, per share	$4.26
Service period	'2 years 6 months 18 days
Maximum	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Fair value at grant date, per share	$8.40
Service period	'3 years 3 months 18 days

Income_Taxes_Narrative_Details

Income Taxes - Narrative (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'	'
Unrecognized tax benefits	$0	'
Accrued interest and penalties, unrecognized tax benefits	0	'
Income tax expense	$706,159	$482,636
Income tax expense, effective rates (as a percent)	38.50%	24.70%

Net_Income_Per_Share_Schedule_

Net Income Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Numerator	'	'
Net income available to common shareholders	$960,435	$1,303,876
Denominator	'	'
Weighted average number of common shares b Basic	32,682,401	28,607,320
Effect of dilutive securities:	'	'
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,826,250	32,211,265
Net income per common share - Basic (in dollars per share)	$0.03	$0.05
Net income per common share - Diluted (in dollars per share)	$0.03	$0.04
Contingent restricted stock grants	'	'
Effect of dilutive securities:	'	'
Weighted average of securities	1,552	0
Stock options	'	'
Effect of dilutive securities:	'	'
Weighted average of securities	142,297	3,603,945

Net_Income_Per_Share_Schedule_1

Net Income Per Share - Schedule of Dilutive Securities (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Outstanding Potential Dilutive Securities	'	'
Weighted Average Exercise Price (in dollars per share)	$1.58	'
Balance at the end of the period (in shares)	234,347	'
Contingent restricted stock grants	'	'
Outstanding Potential Dilutive Securities	'	'
Weighted Average Exercise Price (in dollars per share)	$0	'
Balance at the end of the period (in shares)	56,286	'
Stock options	'	'
Outstanding Potential Dilutive Securities	'	'
Weighted Average Exercise Price (in dollars per share)	$2.08	$1.99
Balance at the end of the period (in shares)	178,061	4,822,820

Unsecured_Revolving_Credit_Agr1

Unsecured Revolving Credit Agreement - Narrative (Details) (Texas Capital Bank, N.A., USD $)	1 Months Ended	3 Months Ended
	Feb. 29, 2012	Sep. 30, 2014
Revolving credit facility	'	'
Unsecured Revolving Credit Agreement	'	'
Maximum amount available under revolving credit facility	$50,000,000	'
Initial borrowing base	5,000,000	5,000,000
Term of revolving credit facility	'	'4 years
Value of oil and gas properties subject (as a percent)	'	25.00%
Margin added to variable interest rate basis (as a percent)	'	0.50%
Loan costs to be compensated to lender over the life of the Credit Agreement	50,000	'
Outstanding borrowings	'	0
Debt issuance costs	179,468	'
Unamortized debt issuance costs	'	68,888
Revolving credit facility | Maximum	'	'
Unsecured Revolving Credit Agreement	'	'
Current ratio	'	1.5
Total funded indebtedness to EBITDA ratio	'	2.5
EBITDA to interest expense ratio	'	3
Revolving credit facility | LIBOR	'	'
Unsecured Revolving Credit Agreement	'	'
Variable interest rate basis	'	'Adjusted LIBOR
Amount to be reduced by Lender's Regulation D reserve requirement	'	1
Interest period one	'	'1 month
Interest period two	'	'2 months
Interest period three	'	'3 months
Interest period four	'	'6 months
Term for payment of interest	'	'3 months
Revolving credit facility | LIBOR | Maximum	'	'
Unsecured Revolving Credit Agreement	'	'
Number of loans that can be outstanding at any time	'	3
Revolving credit facility | Prime rate	'	'
Unsecured Revolving Credit Agreement	'	'
Variable interest rate basis	'	'Lenderbs prime rate
Revolving credit facility | Federal funds rate	'	'
Unsecured Revolving Credit Agreement	'	'
Variable interest rate basis	'	'Federal Funds Rate
Commitment fee accruing on unutilized availability (as a percent)	'	0.50%
Letter of credit	'	'
Unsecured Revolving Credit Agreement	'	'
Maximum amount available under revolving credit facility	1,000,000	'
Letter of credit fees rate applied to principal amounts (as a percent)	'	3.50%
Outstanding borrowings	'	0
Letter of credit | Maximum	'	'
Unsecured Revolving Credit Agreement	'	'
Term of revolving credit facility	'	'1 year
Other Assets | Revolving credit facility	'	'
Unsecured Revolving Credit Agreement	'	'
Debt issuance costs	'	$88,251

Commitments_and_Contingencies_1

Commitments and Contingencies - Narrative (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Commitments and Contingencies	'	'
Rent Expense	$43,776	$41,918
Employment Contracts	'	'
Commitments and Contingencies	'	'
Number of employment agreements	2	'
Estimated obligation of employment contract	$473,000	'
Employment Contracts | Low end of the range	'	'
Commitments and Contingencies	'	'
Benefit period	'6 months	'
Employment Contracts | High end of the range	'	'
Commitments and Contingencies	'	'
Benefit period	'1 year	'

Commitments_and_Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) (USD $)	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
2015	$159,011
2016	132,509
Total	$291,520

Subsequent_Event_Details

Subsequent Event - (Details) (Subsequent Event, USD $)	0 Months Ended
In Thousands, unless otherwise specified	Oct. 24, 2014	Nov. 01, 2014
	Mississippian Lime properties	Dehli Field
Subsequent Event [Line Items]	'	'
Proceeds from sale of joint venture interest	$400	'
Reversionary working interest	'	23.90%
Associated revenue interest	'	19.10%
Royalty and overriding royalty interest	'	7.40%
Total net revenue interest	'	26.50%
Percentage of operating costs and capital expenditures responsible to pay	'	23.90%