Evolution Petroleum (EPM) 10-Q 8 Nov 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2013	Nov. 07, 2013
Document and Entity Information	'	'
Entity Registrant Name	'EVOLUTION PETROLEUM CORP	'
Entity Central Index Key	'0001006655	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--06-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	28,599,669
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Condensed_Balance

Consolidated Condensed Balance Sheets (USD $)	Sep. 30, 2013	Jun. 30, 2013
Current assets	'	'
Cash and cash equivalents	$25,677,097	$24,928,585
Certificates of deposit	250,000	250,000
Receivables	'	'
Oil and natural gas sales	1,621,720	1,632,853
Income taxes	281,970	281,970
Joint interest partner	21,784	49,063
Other	'	918
Deferred tax asset	26,133	26,133
Prepaid expenses and other current assets	212,606	266,554
Total current assets	28,091,310	27,436,076
Property and equipment, net of depreciation, depletion, and amortization	'	'
Oil and natural gas properties - full-cost method of accounting, of which $4,161,816 and $4,112,704 at September 30, 2013 and June 30, 2013, respectively, were excluded from amortization	38,923,477	38,789,032
Other property and equipment	45,531	52,217
Total property and equipment	38,969,008	38,841,249
Advances to joint interest operating partner	46,364	26,059
Other assets	243,377	252,912
Total assets	67,350,059	66,556,296
Current liabilities	'	'
Accounts payable	279,566	642,018
Due to joint interest partner	100,347	127,081
Accrued compensation	392,474	1,385,494
Royalties payable	131,457	91,427
Income taxes payable	638,225	233,548
Other current liabilities	663,488	153,182
Total current liabilities	2,205,557	2,632,750
Long term liabilities	'	'
Deferred income taxes	8,491,364	8,418,969
Asset retirement obligations	201,416	615,551
Deferred rent	48,579	52,865
Total liabilities	10,946,916	11,720,135
Commitments and contingencies (Note 11)	'	'
Stockholders' equity	'	'
Common stock; par value $0.001; 100,000,000 shares authorized: issued 28,599,669 shares at September 30, 2013, and 29,410,858 at June 30, 2013; outstanding 28,599,669 shares and 28,608,969 shares as of September 30, 2013 and June 30, 2013, respectively	28,599	29,410
Additional paid-in capital	31,057,316	31,813,239
Retained earnings	25,316,911	24,013,035
Stockholders equity before treasury stock	56,403,143	55,856,001
Treasury stock, at cost, no shares and 801,889 shares as of September 30, 2013 and June 30, 2013, respectively	'	-1,019,840
Total stockholders' equity	56,403,143	54,836,161
Total liabilities and stockholders' equity	67,350,059	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 September 30, 2013, and June 30, 2013 with a liquidation preference of $7,932,975 ($25.00 per share)	$317	$317

Consolidated_Condensed_Balance1

Consolidated Condensed Balance Sheets (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Oil and natural gas properties, excluded from amortization (in dollars)	$4,161,816	$4,112,704
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, issued shares	28,599,669	29,410,858
Common stock, outstanding shares	28,599,669	28,608,969
Treasury stock, shares	0	801,889
Series A Cumulative Preferred Stock	'	'
Cumulative Preferred Stock (as a percent)	8.50%	8.50%
Preferred stock, shares authorized	1,000,000	1,000,000
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, 2013		Sep. 30, 2012
Revenues	'		'
Crude oil	$4,591,377		$4,005,422
Natural gas liquids	24,146		119,611
Natural gas	18,176		166,513
Total revenues	4,633,699		4,291,546
Operating Costs	'		'
Lease operating expenses	409,847		316,169
Production taxes	8,403		21,373
Depreciation, depletion and amortization	309,673		296,917
Accretion of discount on asset retirement obligations	12,928		21,107
General and administrative expenses	1,928,951	[1]	1,705,424	[1]
Total operating costs	2,669,802		2,360,990
Income from operations	1,963,897		1,930,556
Other	'		'
Interest income	7,703		5,616
Interest (expense)	-16,513		-16,428
Other income (expense)	-8,810		-10,812
Income before income taxes	1,955,087		1,919,744
Income tax provision	482,636		760,218
Net Income	1,472,451		1,159,526
Dividends on Preferred Stock	168,575		168,575
Net income available to common shareholders	$1,303,876		$990,951
Basic (in dollars per share)	$0.05		$0.04
Diluted (in dollars per share)	$0.04		$0.03
Weighted average number of common shares	'		'
Basic (in shares)	28,607,320		27,938,297
Diluted (in shares)	32,211,265		31,763,488
[1]	General and administrative expenses for the three months ended September 30, 2013 and 2012 included non-cash stock-based compensation expense of $373,438 and $353,790, respectively.

Consolidated_Condensed_Stateme1

Consolidated Condensed Statements of Operations (Parenthetical) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Consolidated Condensed Statements of Operations	'	'
General and administrative expenses, non-cash stock-based compensation expense	$373,438	$353,790

Consolidated_Condensed_Stateme2

Consolidated Condensed Statements of Cash Flows (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities	'	'
Net Income	$1,472,451	$1,159,526
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation, depletion and amortization	319,885	307,129
Stock-based compensation	373,438	353,790
Accretion of discount on asset retirement obligations	12,928	21,107
Settlements of asset retirement obligations	'	-22,211
Deferred income taxes	72,395	599,052
Deferred rent	-4,286	-4,287
Changes in operating assets and liabilities:	'	'
Receivables from oil and natural gas sales	11,133	-273,168
Receivables from income taxes and other	918	'
Due to/from joint interest partner	-14,614	-49,344
Prepaid expenses and other current assets	53,948	56,630
Accounts payable and accrued expenses	-1,186,110	-637,799
Royalties payable	40,030	-51,810
Income taxes payable	404,677	161,166
Net cash provided by operating activities	1,556,793	1,619,781
Cash flows from investing activities	'	'
Proceeds from asset sales	66,753	'
Acquisitions of oil and natural gas properties	-50,154	-743,720
Development of oil and natural gas properties	-544,060	-1,868,892
Advances to joint venture operating partner	'	-101,790
Other assets	-1,913	-14,684
Net cash used in investing activities	-529,374	-2,729,086
Cash flows from financing activities	'	'
Preferred stock dividends paid	-168,575	-168,575
Purchases of treasury stock	-117,182	'
Recovery of short swing profits	6,850	'
Deferred loan costs	'	-16,211
Net cash used in financing activities	-278,907	-184,786
Net increase (decrease) in cash and cash equivalents	748,512	-1,294,091
Cash and cash equivalents, beginning of period	24,928,585	14,428,548
Cash and cash equivalents, end of period	25,677,097	13,134,457
Non-cash transactions:	'	'
Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties	-131,290	124,372
Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties	-5,146	-646,932
Oil and natural gas properties incurred through recognition of asset retirement obligations	$45,172	$8,558

Consolidated_Condensed_Stateme3

Consolidated Condensed Statement of Changes in Stockholders' Equity (USD $)	Total	Preferred	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Balance at Jun. 30, 2013	$54,836,161	$317	$29,410	$31,813,239	$24,013,035	($1,019,840)
Balance (in shares) at Jun. 30, 2013	'	317,319	28,608,969	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Stock-based compensation	373,438	'	'	373,438	'	'
Exercise of stock warrants	'	'	1	-1	'	'
Exercise of stock warrants (in shares)	'	'	922	'	'	'
Purchases of treasury stock	-117,182	'	'	'	'	-117,182
Purchases of treasury stock (in shares)	'	'	-10,222	'	'	'
Retirements of treasury stock	'	'	-812	-1,136,210	'	1,137,022
Recovery of short swing profits	6,850	'	'	6,850	'	'
Net income	1,472,451	'	'	'	1,472,451	'
Preferred Stock dividends	-168,575	'	'	'	-168,575	'
Balance at Sep. 30, 2013	$56,403,143	$317	$28,599	$31,057,316	$25,316,911	'
Balance (in shares) at Sep. 30, 2013	'	317,319	28,599,669	'	'	'

Organization_and_Basis_of_Prep

Organization and Basis of Preparation	3 Months Ended
	Sep. 30, 2013
Organization and Basis of Preparation	'
Organization and Basis of Preparation	'
	Note 1—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 acquisition, exploitation and development of properties for the production of crude oil and natural gas.  We acquire properties with known oil and natural gas resources and exploit them through the application of conventional and specialized technology to increase production, ultimate recoveries, or both.
	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 2013 Annual Report on Form 10-K for the fiscal year ended June 30, 2013, 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: NGS Sub Corp and its wholly owned subsidiary, Tertiaire Resources Company, NGS Technologies, Inc., Evolution Operating Co., Inc. and Evolution Petroleum OK, Inc.  All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous period may include certain reclassifications that were made to conform to the current presentation.  Such reclassifications have no impact on previously reported loss 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.
	Recent Accounting Pronouncements.
	Income Taxes.  In July 2013 the FASB has issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. U.S. GAAP does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU state that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets.  The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013.  The adoption of this guidance is not expected to have a material impact on our financial position, cash flows, or results of operations.

Property_and_Equipment

Property and Equipment	3 Months Ended
	Sep. 30, 2013
Property and Equipment	'
Property and Equipment	'
	Note 2 —Property and Equipment
	As of September 30, 2013 and June 30, 2013 our oil and natural gas properties and other property and equipment consisted of the following:
		September 30,			June 30,
		2013			2013
	Oil and natural gas properties
	Property costs subject to amortization	$	43,159,269		$	42,772,184
	Less: Accumulated depreciation, depletion, and amortization	(8,397,608		)	(8,095,856		)
	Unproved properties not subject to amortization	4,161,816			4,112,704
	Oil and natural gas properties, net	$	38,923,477		$	38,789,032
	Other property and equipment
	Furniture, fixtures and office equipment, at cost	322,514			322,514
	Less: Accumulated depreciation	(276,983		)	(270,297		)
	Other property and equipment, net	$	45,531		$	52,217
	An unproved property not subject to amortization consists of unevaluated acreage of $4.2 million and $4.1 million as of September 30, 2013 and June 30, 2013, respectively, for our properties in the Mississippi Lime in Oklahoma.  Our evaluation of impairment of unproved properties occurs, at a minimum, on a quarterly basis.  Based on this evaluation there were no impaired properties for the three months ended September 30, 2013 and 2012.

Joint_Interest_Agreement

Joint Interest Agreement	3 Months Ended
	Sep. 30, 2013
Joint Interest Agreement	'
Joint Interest Agreement	'
	Note 3—Joint Interest Agreement
	Effective April 17, 2012, a wholly owned subsidiary of the Company entered into definitive agreements with Orion Exploration Partners, LLC (“Orion”) to acquire and develop interests in oil and gas leases, associated surface rights and related assets located in the Mississippian Lime formation in Kay County in North Central Oklahoma. Our participation in this joint venture is reflected on our September 30, 2013 and June 30, 2013 balance sheets by the items below.
		September 30,		June 30,
		2013		2013
	Advances to joint interest operating partner	$	46,364	$	26,059
	Due to joint interest partner	100,347		127,081

Asset_Retirement_Obligations

Asset Retirement Obligations	3 Months Ended
	Sep. 30, 2013
Asset Retirement Obligations	'
Asset Retirement Obligations	'
	Note 4—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 are reconciliations of the beginning and ending asset retirement obligation balances:
		September 30,			June 30,
		2013			2013
	Asset retirement obligations — beginning of period	$	615,551		$	968,677
	Liabilities sold	—			(439,927		)
	Liabilities incurred	—			60,143
	Liabilities settled	—			(51,086		)
	Accretion of discount	12,928			72,312
	Revision of previous estimates	45,172			5,432
	Asset retirement obligations due within one year included in “Other current liabilities”	(472,235		)	—
	Asset retirement obligations — end of period	$	201,416		$	615,551

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	Note 5 — Stockholders’ Equity
	Common Stock
	During July 2013 the Company retired 801,889 shares of treasury stock thereby reducing the number of common shares issued and not outstanding.
	In July 2013 we issued Laird Cagan, a Director of the Company, 922 shares of common stock through a cashless exercise of placement warrant.  The placement warrant, which was issued to Mr. Cagan on June 22, 2006 in connection with a financing transaction, gave him the right to purchase 1,165 shares of common stock with an exercise price of $2.25 per share.
	During August and September 2013, the Company received a total of 10,222 shares of common stock from certain officers and employees of the Company to pay for their payroll tax liabilities arising from recent vestings of restricted stock.  The weighted average acquisition cost of $11.46 per share reflects the market price of the Company’s shares at the date vested.  The 10,222 treasury shares were then retired.
	Recovery of Stockholder Short Swing Profit
	In September 2013, an executive officer of the Company paid $6,850 to the Company, representing the disgorgement of short swing profits under Section 16(b) under the Exchange Act. The amount was recorded as additional paid-in capital.
	Series A Cumulative Perpetual Preferred Stock
	At September 30, 2013, there were 317,319 shares of the Company’s 8.5% Series A Cumulative (perpetual) Preferred Stock outstanding.  The Series A Cumulative Preferred Stock has a liquidation preference of $25.00 per share and cannot be converted into our common stock.  There are no sinking fund or redemption rights available to 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, or earlier by an acquirer under a change of control at a redemption price of $25.25 per share.  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.
	During the three months ended September 30, 2013 and 2012, we paid dividends of $168,575 and $168,575, respectively, to holders of our Series A Preferred Stock.

StockBased_Incentive_Plan

Stock-Based Incentive Plan	3 Months Ended
	Sep. 30, 2013
Stock-Based Incentive Plan	'
Stock-Based Incentive Plan	'
	Note 6—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 and its subsidiaries under the Natural Gas Systems Inc. 2003 Stock Plan (the “2003 Stock Plan”) and the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the “2004 Stock Plan” or together, the “EPM Stock Plans”).  Option awards for the purchase of 600,000 shares of common stock were issued under the 2003 Stock Plan.  The 2004 Stock Plan authorized the issuance of 6,500,000 shares of common stock.  No shares are available for grant under the 2003 Stock Plan and 800,914 shares remain available for grant under the 2004 Stock Plan as of September 30, 2013.
	We have also granted common stock warrants, as authorized by the Board of Directors, to employees in lieu of cash bonuses or as incentive awards to reward previous service or provide incentives to individuals to acquire a proprietary interest in the Company’s success and to remain in the service of the Company (the “Incentive Warrants”).  These Incentive Warrants have similar characteristics of the Stock Options.  A total of 1,037,500 Incentive Warrants have been issued, with Board of Directors approval, outside of the EPM Stock Plans.  We have not issued Incentive Warrants since the listing of our shares on the NYSE MKT (formerly, the American Stock Exchange) in July 2006.
	Stock Options and Incentive Warrants
	Stock-based compensation expense related to Stock Options and Incentive Warrants for the three months ended September 30, 2013 and the corresponding prior year period was $0 and $26,274, respectively.
	No Stock Options or Incentive Warrants have been granted since August 2008.
	The following summary presents information regarding outstanding Stock Options and Incentive Warrants as of September 30, 2013, 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 and Incentive Warrants outstanding at July 1, 2013	4,822,820		$	1.99
	Granted	—		—
	Exercised	—		—
	Cancelled or forfeited	—		—
	Expired	—		—
	Stock Options and Incentive Warrants outstanding at September 30, 2013	4,822,820		$	1.99	$	44,708,877	2.4
	Vested or expected to vest at September 30, 2013	4,822,820		$	1.99	$	44,708,877	2.4
	Exercisable at September 30, 2013	4,822,820		$	1.99	$	44,708,877	2.4
	(1) Based upon the difference between the market price of our common stock on the last trading date of the period ($11.26 as of September 30, 2013) and the Stock Option or Incentive Warrant exercise price of in-the-money Stock Options and Incentive Warrants.
	During the three months ended September 30, 2012 there were 18,922 Stock Options and Incentive Warrants that vested with a total grant date fair value of $46,359 and no unvested Stock Options and Incentive Warrants remained.
	As of August 31, 2012 all compensation costs attributable to Stock Options and Incentive Warrants had been recognized.
	Restricted Stock
	Stock-based compensation expense related to Restricted Stock grants for the three months ended September 30, 2013 and 2012 was $373,438 and $327,516, respectively.
	The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2013:
		Number of		Weighted
		Restricted		Average
		Shares		Grant-Date
				Fair Value
	Unvested at July 1, 2013	386,599		$	6.65
	Granted	—		—
	Vested	(61,345	)	5.01
	Forfeited	—		—
	Unvested at September 30, 2013	325,254		$	6.96
	At September 30, 2013, unrecognized stock compensation expense related to Restricted Stock grants totaled $1,905,882.  Such unrecognized expense will be recognized over a weighted average period of 2.1 years.

Fair_Value_Measurement

Fair Value Measurement	3 Months Ended
	Sep. 30, 2013
Fair Value Measurement	'
Fair Value Measurement	'
	Note 7—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 the Company reviews quarterly.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2013
Income Taxes	'
Income Taxes	'
	Note 8 —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, 2013.  We believe that we have appropriate support for the income tax positions taken and to be taken on the Company’s 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, 2009 through June 30, 2012.
	The Company recognized income tax expense of $482,636 and $760,218 for the three months ended September 30, 2013 and 2012,  respectively, with corresponding effective rates of 24.7% and 39.6%.
	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”), both of which create 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.  Our estimated annual income tax rate used to determine income tax expense for the three months ended September 30, 2013 includes the utilization of statutory depletion deductions carried over from previous years resulting in a higher than normal rate benefit from depletion in excess of basis.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Sep. 30, 2013
Net Income Per Share	'
Net Income Per Share	'
	Note 9 —Net Income Per Share
	The following table sets forth the computation of basic and diluted income per share:
		Three Months Ended September 30
		2013		2012
	Numerator
	Net income available to common shareholders	$	1,303,876	$	990,951
	Denominator
	Weighted average number of common shares — Basic	28,607,320		27,938,297
	Effect of dilutive securities:
	Common stock warrants issued in connection with equity and financing transactions	—		852
	Stock Options and Incentive Warrants	3,603,945		3,824,339
	Total weighted average dilutive securities	3,603,945		3,825,191
	Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,211,265		31,763,488
	Net income per common share — Basic	$	0.05	$	0.04
	Net income per common share — Diluted	$	0.04	$	0.03
	Outstanding potentially dilutive securities as of September 30, 2013 were as follows:
	Outstanding Potential Dilutive Securities	Weighted		Outstanding at
		Average		September 30,
		Exercise Price		2013
	Common stock warrants issued in connection with equity and financing transactions	$	—	—
	Stock Options and Incentive Warrants	$	1.99	4,822,820
	Total	$	1.99	4,822,820
	Outstanding potentially dilutive securities as of September 30, 2012 were as follows:
	Outstanding Potential Dilutive Securities	Weighted		Outstanding at
		Average		September 30,
		Exercise Price		2012
	Common stock warrants issued in connection with equity and financing transactions	$	2.25	1,165
	Stock Options and Incentive Warrants	$	1.82	5,342,820
	Total	$	1.82	5,343,985

Unsecured_Revolving_Credit_Agr

Unsecured Revolving Credit Agreement	3 Months Ended
	Sep. 30, 2013
Unsecured Revolving Credit Agreement	'
Unsecured Revolving Credit Agreement	'
	Note 10 - 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 the Company 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 four year term.  The Company’s subsidiaries guaranteed the Company’s obligations under the facility.  The proceeds of any loans under the facility are to be used by the Company 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 Oil and Gas Properties.
	At the Company’s 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.  Their maximum term is one year.
	A commitment fee of 0.50% per annum accrues on unutilized availability and is payable quarterly.  The Company is responsible for certain administrative expenses of the Lender over the life of the Credit Agreement as well as for compensating the Lender $50,000 for incurred loan costs upon closing.
	The Credit Agreement also contains financial covenants including a requirement that the Company 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 to be immediately due and payable.
	As of September 30, 2013, 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.  The Company was in compliance with all the covenants of the Credit Agreement.
	In connection with this agreement the Company 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.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	Note 11 — 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 jurisdiction in which we operate. 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, 2013 under this operating lease are as follows:
	For the twelve months ended September 30,
	2014	$	159,011
	2015	159,011
	2016	132,509
	Total	$	450,531
	Rent expense for the three months ended September 30, 2013 and 2012 was $41,918 and $36,808, respectively.
	Employment Contracts.  We have employment agreements with the Company’s three named officers.  The employment contracts provide for a severance package for termination by the Company for any reason other than cause or permanent disability, or in the event of a constructive termination, that includes payment of base pay and certain medical and disability benefits from six months to a year after termination.   The total contingent obligation under the employment contracts as of September 30, 2013 is approximately $692,000.
	Delhi Payout.  We are presently in a dispute with the Delhi Field Operator concerning charges arising from the environmental event that began in June 2013.  We believe the Operator has indemnified us for such events, with the effect that payout should not be delayed.  To date, the operator has not agreed.  Accordingly, we are evaluating our alternatives.

Subsequent_Events_Restructurin

Subsequent Events - Restructuring	3 Months Ended
	Sep. 30, 2013
Subsequent Events - Restructuring	'
Subsequent Events - Restructuring	'
	Note 12 — Subsequent Event  — Restructuring
	During the second quarter of fiscal 2014, the Company undertook an initiative refocusing its business to GARP® development that will result in adjustment of its workforce towards a lesser emphasis on engineering and greater emphasis on sales and marketing. Accordingly, the Company expects to accrue a restructuring charge in the second quarter ended December 31, 2013 based on agreements with terminated employees covering salary and benefit continuation in exchange for non-compete clauses that are yet to be determined.

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Sep. 30, 2013
Property and Equipment	'
Schedule of oil and natural gas properties and other property and equipment	'
		September 30,			June 30,
		2013			2013
	Oil and natural gas properties
	Property costs subject to amortization	$	43,159,269		$	42,772,184
	Less: Accumulated depreciation, depletion, and amortization	(8,397,608		)	(8,095,856		)
	Unproved properties not subject to amortization	4,161,816			4,112,704
	Oil and natural gas properties, net	$	38,923,477		$	38,789,032
	Other property and equipment
	Furniture, fixtures and office equipment, at cost	322,514			322,514
	Less: Accumulated depreciation	(276,983		)	(270,297		)
	Other property and equipment, net	$	45,531		$	52,217

Joint_Interest_Agreement_Table

Joint Interest Agreement (Tables)	3 Months Ended
	Sep. 30, 2013
Joint Interest Agreement	'
Schedule of amounts pertaining to participation in joint venture	'
		September 30,		June 30,
		2013		2013
	Advances to joint interest operating partner	$	46,364	$	26,059
	Due to joint interest partner	100,347		127,081

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	3 Months Ended
	Sep. 30, 2013
Asset Retirement Obligations	'
Schedule of reconciliations of the beginning and ending asset retirement obligation balances	'
		September 30,			June 30,
		2013			2013
	Asset retirement obligations — beginning of period	$	615,551		$	968,677
	Liabilities sold	—			(439,927		)
	Liabilities incurred	—			60,143
	Liabilities settled	—			(51,086		)
	Accretion of discount	12,928			72,312
	Revision of previous estimates	45,172			5,432
	Asset retirement obligations due within one year included in “Other current liabilities”	(472,235		)	—
	Asset retirement obligations — end of period	$	201,416		$	615,551

StockBased_Incentive_Plan_Tabl

Stock-Based Incentive Plan (Tables)	3 Months Ended
	Sep. 30, 2013
Stock-Based Incentive Plan	'
Summary of information regarding outstanding Stock Options and Incentive Warrants 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 and Incentive Warrants outstanding at July 1, 2013	4,822,820		$	1.99
	Granted	—		—
	Exercised	—		—
	Cancelled or forfeited	—		—
	Expired	—		—
	Stock Options and Incentive Warrants outstanding at September 30, 2013	4,822,820		$	1.99	$	44,708,877	2.4
	Vested or expected to vest at September 30, 2013	4,822,820		$	1.99	$	44,708,877	2.4
	Exercisable at September 30, 2013	4,822,820		$	1.99	$	44,708,877	2.4
	(1) Based upon the difference between the market price of our common stock on the last trading date of the period ($11.26 as of September 30, 2013) and the Stock Option or Incentive Warrant exercise price of in-the-money Stock Options and Incentive Warrants.
Schedule of Restricted Stock transactions	'
		Number of		Weighted
		Restricted		Average
		Shares		Grant-Date
				Fair Value
	Unvested at July 1, 2013	386,599		$	6.65
	Granted	—		—
	Vested	(61,345	)	5.01
	Forfeited	—		—
	Unvested at September 30, 2013	325,254		$	6.96

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Sep. 30, 2013
Net Income Per Share	'
Schedule of computation of basic and diluted income per share	'
		Three Months Ended September 30
		2013		2012
	Numerator
	Net income available to common shareholders	$	1,303,876	$	990,951
	Denominator
	Weighted average number of common shares — Basic	28,607,320		27,938,297
	Effect of dilutive securities:
	Common stock warrants issued in connection with equity and financing transactions	—		852
	Stock Options and Incentive Warrants	3,603,945		3,824,339
	Total weighted average dilutive securities	3,603,945		3,825,191
	Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,211,265		31,763,488
	Net income per common share — Basic	$	0.05	$	0.04
	Net income per common share — Diluted	$	0.04	$	0.03
Schedule of outstanding potentially dilutive securities	'
	Outstanding Potential Dilutive Securities	Weighted		Outstanding at
		Average		September 30,
		Exercise Price		2013
	Common stock warrants issued in connection with equity and financing transactions	$	—	—
	Stock Options and Incentive Warrants	$	1.99	4,822,820
	Total	$	1.99	4,822,820
	Outstanding Potential Dilutive Securities	Weighted		Outstanding at
		Average		September 30,
		Exercise Price		2012
	Common stock warrants issued in connection with equity and financing transactions	$	2.25	1,165
	Stock Options and Incentive Warrants	$	1.82	5,342,820
	Total	$	1.82	5,343,985

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2013
Commitments and Contingencies	'
Schedule of future minimum lease commitments under the operating lease	'
	For the twelve months ended September 30,
	2014	$	159,011
	2015	159,011
	2016	132,509
	Total	$	450,531

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012
Property and Equipment	'	'	'
Total property and equipment	$38,969,008	$38,841,249	'
Oil and natural gas properties	'	'	'
Property costs subject to amortization	43,159,269	42,772,184	'
Less: Accumulated depreciation, depletion, and amortization	-8,397,608	-8,095,856	'
Unproved properties not subject to amortization	4,161,816	4,112,704	'
Other property and equipment	'	'	'
Furniture, fixtures and office equipment, at cost	322,514	322,514	'
Less: Accumulated depreciation	-276,983	-270,297	'
Mississippi Lime - unevaluated acreage	'	'	'
Oil and natural gas properties	'	'	'
Unproved properties not subject to amortization	4,200,000	4,100,000	'
Oil and natural gas properties	'	'	'
Property and Equipment	'	'	'
Total property and equipment	38,923,477	38,789,032	'
Other property and equipment	'	'	'
Impaired unproved properties	0	'	0
Other Property and Equipment	'	'	'
Property and Equipment	'	'	'
Total property and equipment	$45,531	$52,217	'

Joint_Interest_Agreement_Detai

Joint Interest Agreement (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Participation in joint venture	'	'
Advances to joint interest operating partner	$46,364	$26,059
Due to joint interest partner	100,347	127,081
Joint interest arrangement | Orion Exploration Partners, LLC | Kay County in North Central Oklahoma	'	'
Participation in joint venture	'	'
Advances to joint interest operating partner	46,364	26,059
Due to joint interest partner	$100,347	$127,081

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Reconciliation of the beginning and ending asset retirement obligation	'	'	'
Asset retirement obligations - beginning of period	$615,551	$968,677	$968,677
Liabilities sold	'	'	-439,927
Liabilities incurred	'	'	60,143
Liabilities settled	'	'	-51,086
Accretion of discount	12,928	21,107	72,312
Revisions to previous estimates	45,172	'	5,432
Asset retirement obligations due within one year included in Other current liabilities	-472,235	'	'
Asset retirement obligations - end of period	$201,416	'	$615,551

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	1 Months Ended				1 Months Ended			2 Months Ended
	Sep. 30, 2013	Jul. 31, 2013	Sep. 30, 2013	Jun. 22, 2006	Jul. 31, 2013	Sep. 30, 2013	Aug. 31, 2013	Sep. 30, 2013	Sep. 30, 2013	Aug. 31, 2013
			Common stock	Laird Q. Cagan	Laird Q. Cagan	Officers and employees	Officers and employees	Officers and employees	Officers and employees	Officers and employees
					Common stock	Common stock	Common stock	Common stock	Common stock	Common stock
									Weighted average	Weighted average
Treasury stock retired (in shares)	'	801,889	'	'	'	10,222	10,222	10,222	'	'
Number of shares of common stock issued through a net cashless exercise of a placement warrant	'	'	'	'	922	'	'	'	'	'
Right to purchase number of shares of common stock against warrants	'	'	'	1,165	'	'	'	'	'	'
Exercise price of warrants (in dollars per share)	'	'	'	$2.25	'	'	'	'	'	'
Shares acquired from related party	'	'	'	'	'	10,222	10,222	'	'	'
Share acquisition cost (in dollars per share)	'	'	$11.26	'	'	'	'	'	$11.46	$11.46
Recovery of Stockholder Short Swing Profit	'	'	'	'	'	'	'	'	'	'
Recovery of short swing profits	$6,850	'	'	'	'	'	'	'	'	'

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Series A Cumulative Perpetual Preferred Stock	'	'	'
Preferred stock dividends paid	$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	'	'
Redemption price per share (in dollars per share)	$25.25	'	'
Dividend payable monthly on preferred stock (in dollars per share)	$0.18	'	'
Preferred stock dividends paid	$168,575	$168,575	'

StockBased_Incentive_Plan_Deta

Stock-Based Incentive Plan (Details) (USD $)	3 Months Ended		62 Months Ended		121 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	Stock Options and Incentive Warrants	Stock Options and Incentive Warrants	Stock Options and Incentive Warrants	2003 Stock Plan	2003 Stock Plan	2004 Stock Plan	Board of Directors Authorized, Outside of EMP Stock Plans
					Stock Options and Incentive Warrants		Incentive Warrants
Stock-Based Incentive Plan	'	'	'	'	'	'	'
Number of shares granted under the Plan	'	'	'	'	600,000	'	'
Number of shares of common stock authorized for issuance under plan	'	'	'	'	'	6,500,000	'
Number of shares remaining available for grant under plan	'	'	'	0	'	800,914	'
Number of Incentive Warrants issued (in shares)	'	'	'	'	'	'	1,037,500
Stock-based compensation expense	$0	$26,274	'	'	'	'	'
Granted (in shares)	'	'	0	'	'	'	'

StockBased_Incentive_Plan_Deta1

Stock-Based Incentive Plan (Details 2) (USD $)	3 Months Ended
	Sep. 30, 2013
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)	$11.26
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)	4,822,820
Stock Options and Incentive Warrants outstanding at the end of the period (in shares)	4,822,820
Vested or expected to vest at the end of the period (in shares)	4,822,820
Exercisable at the end of the period (in shares)	4,822,820
Weighted Average Exercise Price	'
Stock Options and Incentive Warrants outstanding at the beginning of the period (in dollars per share)	$1.99
Stock Options and Incentive Warrants outstanding at the end of the period (in dollars per share)	$1.99
Exercisable at the end of the period (in dollars per share)	$1.99
Vested or expected to vest at the end of the period (in dollars per share)	$1.99
Aggregate Intrinsic Value	'
Stock Options and Incentive Warrants outstanding at the end of the period	$44,708,877
Vested or expected to vest at the end of the period	44,708,877
Exercisable at the end of the period (in dollars)	$44,708,877
Weighted Average Remaining Contractual Term (in years)	'
Stock Options and Incentive Warrants outstanding at the end of the period	'2 years 4 months 24 days
Vested or expected to vest at the end of the period	'2 years 4 months 24 days
Exercisable at the end of the period	'2 years 4 months 24 days

StockBased_Incentive_Plan_Deta2

Stock-Based Incentive Plan (Details 3) (Stock Options and Incentive Warrants, USD $)	3 Months Ended
	Sep. 30, 2012
Stock Options and Incentive Warrants	'
Additional disclosures of Stock Options and Incentive Warrants	'
Vested (in shares)	18,922
Total fair value of awards vested	$46,359
Unvested at the end of the period (in shares)	0

StockBased_Incentive_Plan_Deta3

Stock-Based Incentive Plan (Details 4) (Restricted Stock, USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Restricted Stock	'	'
Stock-Based Incentive Plan	'	'
Stock-based compensation expense	$373,438	$327,516
Number of Restricted Shares	'	'
Unvested at the beginning of the period (in shares)	386,599	'
Vested (in shares)	-61,345	'
Unvested at the end of the period (in shares)	325,254	'
Weighted Average Grant-Date Fair Value	'	'
Unvested at the beginning of the period (in dollars per share)	$6.65	'
Vested (in dollars per share)	$5.01	'
Unvested at the end of the period (in dollars per share)	$6.96	'
Additional disclosures of restricted stock	'	'
Unrecognized stock compensation expense related to Restricted Stock grants	$1,905,882	'
Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized	'2 years 1 month 6 days	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Taxes	'	'
Unrecognized tax benefits	$0	'
Income tax expense	$482,636	$760,218
Income tax expense, effective rates (as a percent)	24.70%	39.60%

Net_Income_Per_Share_Details

Net Income Per Share (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Numerator	'	'
Net income available to common shareholders	$1,303,876	$990,951
Denominator	'	'
Weighted average number of common shares - Basic	28,607,320	27,938,297
Effect of dilutive securities:	'	'
Common stock warrants issued in connection with equity and financing transactions (in shares)	'	852
Stock Options and Incentive Warrants (in shares)	3,603,945	3,824,339
Total weighted average dilutive securities (in shares)	3,603,945	3,825,191
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,211,265	31,763,488
Net income per common share - Basic (in dollars per share)	$0.05	$0.04
Net income per common share - Diluted (in dollars per share)	$0.04	$0.03

Net_Income_Per_Share_Details_2

Net Income Per Share (Details 2) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Outstanding Potential Dilutive Securities	'	'
Weighted Average Exercise Price (in dollars per share)	$1.99	$1.82
Balance at the end of the period (in shares)	4,822,820	5,343,985
Common stock warrants issued in connection with equity and financing transactions	'	'
Outstanding Potential Dilutive Securities	'	'
Weighted Average Exercise Price (in dollars per share)	'	$2.25
Balance at the end of the period (in shares)	'	1,165
Stock Options and Incentive Warrants	'	'
Outstanding Potential Dilutive Securities	'	'
Weighted Average Exercise Price (in dollars per share)	$1.99	$1.82
Balance at the end of the period (in shares)	4,822,820	5,342,820

Unsecured_Revolving_Credit_Agr1

Unsecured Revolving Credit Agreement (Details) (USD $)	1 Months Ended	3 Months Ended
	Feb. 29, 2012	Sep. 30, 2013
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%
Outstanding borrowings	'	0
Loan costs to be compensated to lender over the life of the Credit Agreement	50,000	'
Debt issuance costs	179,468	'
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	'	'Lender's prime rate
Revolving credit facility | Federal funds rate	'	'
Unsecured Revolving Credit Agreement	'	'
Variable interest rate basis	'	'Federal Fund 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

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Lease Commitments	'	'
2014	$159,011	'
2015	159,011	'
2016	132,509	'
Total	450,531	'
Rent expense	41,918	36,808
Employment Contracts	'	'
Commitments and Contingencies	'	'
Number of senior executives in employment agreements	3	'
Total contingent obligation	$692,000	'
Employment Contracts | Low end of the range	'	'
Commitments and Contingencies	'	'
Period of benefits to employees after termination	'6 months	'
Employment Contracts | High end of the range	'	'
Commitments and Contingencies	'	'
Period of benefits to employees after termination	'1 year	'