PHX Minerals (PHX) 10-Q8 May 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Mar. 31, 2014	8-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'PANHANDLE OIL & GAS INC	'
Entity Central Index Key	'0000315131	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Current Fiscal Year End Date	'--09-30	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	8,236,672

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2014		Sep. 30, 2013
Current Assets:	'		'
Cash and cash equivalents	$1,816,400		$2,867,171
Oil, NGL and natural gas sales receivables	17,105,718		13,720,761
Refundable production taxes	666,180		662,051
Derivative contracts, net	'	[1]	425,198	[1]
Other	185,725		129,998
Total current assets	19,774,023		17,805,179
Properties and equipment at cost, based on successful efforts accounting:	'		'
Producing oil and natural gas properties	317,646,446		304,889,145
Non-producing oil and natural gas properties	9,151,030		8,932,905
Furniture and fixtures	743,493		737,368
Total properties and equipment, at cost, based on successful efforts accounting	327,540,969		314,559,418
Less accumulated depreciation, depletion and amortization	-193,194,710		-186,641,291
Net properties and equipment	134,346,259		127,918,127
Investments	1,664,914		1,574,642
Refundable production taxes	272,305		540,482
Total assets	156,057,501		147,838,430
Current Liabilities:	'		'
Accounts payable	6,532,367		8,409,634
Derivative contracts, net	1,292,329	[1]	'	[1]
Deferred income taxes	43,100		127,100
Income taxes payable	865,882		751,992
Accrued liabilities and other	768,795		1,011,865
Total current liabilities	9,502,473		10,300,591
Long-term debt	6,000,000		8,262,256
Deferred income taxes	32,763,907		31,226,907
Asset retirement obligations	2,539,172		2,393,190
Stockholders' equity:	'		'
Class A voting common stock, $.0166 par value; 24,000,000 shares authorized, 8,431,502 issued at March 31, 2014, and September 30, 2013	140,524		140,524
Capital in excess of par value	2,590,501		2,587,838
Deferred directors' compensation	2,946,032		2,756,526
Retained earnings	105,705,125		96,454,449
stockholders' equity	111,382,182		101,939,337
Less treasury stock, at cost; 194,830 shares at March 31, 2014, and 200,248 shares at September 30, 2013	-6,130,233		-6,283,851
Total stockholders' equity	105,251,949		95,655,486
Total liabilities and stockholders' equity	$156,057,501		$147,838,430

[1]	See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Sep. 30, 2013
Condensed Balance Sheets [Abstract]	'	'
Common stock, par value	$0.02	$0.02
Common stock, shares authorized	24,000,000	24,000,000
Common stock, shares issued	8,431,502	8,431,502
Treasury stock, shares	194,830	200,248

Condensed_Statements_Of_Operat

Condensed Statements Of Operations (USD $)	3 Months Ended		6 Months Ended
Condensed Statements Of Operations (USD $)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'	'	'
Oil, NGL and natural gas sales	$21,108,301	$14,100,844	$39,581,383	$26,859,798
Lease bonuses and rentals	19,717	140,941	215,946	515,333
Gains (losses) on derivative contracts	-1,587,029	-1,811,359	-2,083,930	-918,666
Income from partnerships	211,056	151,560	435,402	305,956
Total revenues	19,752,045	12,581,986	38,148,801	26,762,421
Costs and expenses:	'	'	'	'
Lease operating expenses	3,653,000	2,638,342	6,968,397	5,934,904
Production taxes	706,033	412,886	1,277,597	716,439
Exploration costs	24,429	15,412	63,184	35,179
Depreciation, depletion and amortization	4,939,834	6,258,623	10,247,853	11,897,643
Provision for impairment	227,152	63,476	430,143	218,441
Loss (gain) on asset sales, interest and other	104,644	-211,896	27,189	-168,710
General and administrative	1,651,380	1,643,656	3,524,547	3,541,740
Total costs and expenses	11,306,472	10,820,499	22,538,910	22,175,636
Income before provision for income taxes	8,445,573	1,761,487	15,609,891	4,586,785
Provision for income taxes	2,791,000	739,000	5,029,000	1,416,000
Net income	$5,654,573	$1,022,487	$10,580,891	$3,170,785
Basic and diluted earnings per common share (Note 3)	$0.68	$0.12	$1.27	$0.38
Basic and diluted weighted average shares outstanding:	'	'	'	'
Common shares	8,236,672	8,254,226	8,234,261	8,252,145
Unissued, directors' deferred compensation shares	126,051	113,258	125,712	113,045
Basic and diluted weighted average shares outstanding	8,362,723	8,367,484	8,359,973	8,365,190
Dividends declared per share of common stock and paid in period	$0.08	$0.07	$0.16	$0.14

Statements_Of_Stockholders_Equ

Statements Of Stockholders' Equity (USD $)	Class A voting Common Stock [Member]	Capital in Excess of Par Value [Member]	Deferred Directors' Compensation [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances at Sep. 30, 2012	$140,524	$2,020,229	$2,676,160	$84,821,395	($5,806,162)	$83,852,146
Balances, Treasury shares at Sep. 30, 2012	'	'	'	'	-181,310	'
Balances, shares at Sep. 30, 2012	8,431,502	'	'	'	'	'
Purchase of treasury stock	'	'	'	'	-507,345	-507,345
Purchase of treasury stock, shares	'	'	'	'	-18,056	'
Restricted stock awards	'	399,907	'	'	'	399,907
Distribution of deferred directors' compensation	'	-82,547	-297,154	'	394,687	14,986
Distribution of deferred directors' compensation, shares	'	'	'	'	12,361	'
Increase in deferred directors' compensation charged to expense	'	'	201,211	'	'	201,211
Dividends	'	'	'	-1,164,178	'	-1,164,178
Net income	'	'	'	3,170,785	'	3,170,785
Balances at Mar. 31, 2013	140,524	2,337,589	2,580,217	86,828,002	-5,918,820	85,967,512
Balances, Treasury shares at Mar. 31, 2013	'	'	'	'	-187,005	'
Balances, shares at Mar. 31, 2013	8,431,502	'	'	'	'	'
Balances at Sep. 30, 2013	140,524	2,587,838	2,756,526	96,454,449	-6,283,851	95,655,486
Balances, Treasury shares at Sep. 30, 2013	'	'	'	'	-200,248	-200,248
Balances, shares at Sep. 30, 2013	8,431,502	'	'	'	'	'
Purchase of treasury stock	'	'	'	'	-122,044	-122,044
Purchase of treasury stock, shares	'	'	'	'	-3,722	'
Restricted stock awards	'	262,174	'	'	'	262,174
Distribution of deferred directors' compensation	'	-259,511	'	'	275,662	16,151
Distribution of deferred directors' compensation, shares	'	'	'	'	9,140	'
Increase in deferred directors' compensation charged to expense	'	'	189,506	'	'	189,506
Dividends	'	'	'	-1,330,215	'	-1,330,215
Net income	'	'	'	10,580,891	'	10,580,891
Balances at Mar. 31, 2014	$140,524	$2,590,501	$2,946,032	$105,705,125	($6,130,233)	$105,251,949
Balances, Treasury shares at Mar. 31, 2014	'	'	'	'	-194,830	-194,830
Balances, shares at Mar. 31, 2014	8,431,502	'	'	'	'	'

Statements_Of_Stockholders_Equ1

Statements Of Stockholders' Equity (Parenthetical) (Retained Earnings [Member], USD $)	6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Retained Earnings [Member]	'	'
Dividends per share	$0.16	$0.14

Condensed_Statements_Of_Cash_F

Condensed Statements Of Cash Flows (USD $)	6 Months Ended
Condensed Statements Of Cash Flows (USD $)	Mar. 31, 2014		Mar. 31, 2013
Operating Activities	'		'
Net income (loss)	$10,580,891		$3,170,785
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'		'
Depreciation, depletion and amortization	10,247,853		11,897,643
Impairment	430,143	[1]	218,441	[1]
Provision for deferred income taxes	1,453,000		957,000
Exploration costs	63,184		35,179
Gain from leasing fee mineral acreage	-215,704		-514,326
Net (gain) loss on sales of assets	152,766		-208,750
Income from partnerships	-435,402		-305,956
Distributions received from partnerships	547,028		389,962
Increase in deferred directors' compensation charged to expense	189,506		201,211
Restricted stock awards	262,174		399,907
Cash provided (used) by changes in assets and liabilities:	'		'
Oil, NGL and natural gas sales receivables	-3,384,957		-2,170,548
Fair value of derivative contracts	1,717,527		1,087,443
Refundable production taxes	264,048		237,683
Other current assets	-55,727		37,971
Accounts payable	46,051		426,487
Income taxes receivable	'		-117,886
Income taxes payable	113,890		'
Accrued liabilities	-242,919		-307,427
Total adjustments	11,152,461		12,264,034
Net cash provided by operating activities	21,733,352		15,434,819
Investing Activities	'		'
Capital expenditures, including dry hole costs	-17,606,988		-12,719,947
Acquisition of working interest properties	-1,550,205		'
Acquisition of minerals and overrides	-56,250		-330,000
Proceeds from leasing fee mineral acreage	237,733		527,570
Investments in partnerships	-201,898		-418,891
Proceeds from sales of assets	92,000		870,610
Net cash used in investing activities	-19,085,608		-12,070,658
Financing Activities	'		'
Borrowings under debt agreement	8,312,545		4,181,199
Payments of loan principal	-10,574,801		-5,556,184
Purchases of treasury stock	-122,044		-507,345
Payments of dividends	-1,330,215		-1,164,178
Excess tax benefit on stock-based compensation	16,000		15,000
Net cash provided by (used in) financing activities	-3,698,515		-3,031,508
Increase (decrease) in cash and cash equivalents	-1,050,771		332,653
Cash and cash equivalents at beginning of year	2,867,171		1,984,099
Cash and cash equivalents at end of year	1,816,400		2,316,752
Supplemental Disclosures of Cash Flow Information	'		'
Additions to asset retirement obligations	84,786		78,706
Supplemental schedule of noncash investing and financing activities:	'		'
Gross additions to properties and equipment	17,290,125		13,310,629
Net (increase) decrease in accounts payable for properties and equipment additions	1,923,318		-260,682
Capital expenditures and acquisitions, including dry hole costs	$19,213,443		$13,049,947

[1]	At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Accounting_Principles_And_Basi

Accounting Principles And Basis Of Presentation	6 Months Ended
Accounting Principles And Basis Of Presentation	Mar. 31, 2014
Accounting Principles And Basis Of Presentation [Abstract]	'
Accounting Principles And Basis Of Presentation	'
	NOTE 1: Accounting Principles and Basis of Presentation

	The accompanying unaudited condensed financial statements of Panhandle Oil and Gas Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management of the Company believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for the full year. The Company’s fiscal year runs from October 1 through September 30.

	Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s 2013 Annual Report on Form 10-K.

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Mar. 31, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	NOTE 2: Income Taxes

	The Company’s provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from estimated excess federal and Oklahoma percentage depletion, which are permanent tax benefits.

	Both excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, and excess Oklahoma percentage depletion, which has no limitation on production volume, reduce estimated taxable income or add to estimated taxable loss projected for any year. The federal and Oklahoma excess percentage depletion estimates will be updated throughout the year until finalized with detailed well-by-well calculations at fiscal year-end. Federal and Oklahoma excess percentage depletion, when a provision for income taxes is recorded, decreases the effective tax rate, while the effect is to increase the effective tax rate when a benefit for income taxes is recorded. The benefits of federal and Oklahoma excess percentage depletion are not directly related to the amount of pre-tax income recorded in a period. Accordingly, in periods where a recorded pre-tax income or loss is relatively small, the proportional effect of these items on the effective tax rate may be significant. The effective tax rate for the six months ended March 31, 2014, was 32% as compared to 31% for the six months ended March 31, 2013. The effective tax rate for the quarter ended March 31, 2014, was 33% as compared to 42% for the quarter ended March 31, 2013. The effective tax rate for the 2013 second quarter is higher than the statutory rate as a result of an increase in the estimated annual effective tax rate during the second quarter of the year as projected pre-tax income at March 31, 2013, was higher than the projections made at December 31, 2012.

Basic_And_Diluted_Earnings_Per

Basic And Diluted Earnings Per Share	6 Months Ended
Basic And Diluted Earnings Per Share	Mar. 31, 2014
Basic And Diluted Earnings Per Share [Abstract]	'
Basic And Diluted Earnings Per Share	'
	NOTE 3: Basic and Diluted Earnings per Share

	Basic and diluted earnings per share is calculated using net income divided by the weighted average number of voting common shares outstanding, including unissued, vested directors’ deferred compensation shares during the period.

LongTerm_Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Mar. 31, 2014
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	NOTE 4: Long-term Debt

	The Company has a credit facility with Bank of Oklahoma (BOK) which consists of a revolving loan in the amount of $80,000,000 which is subject to a semi-annual borrowing base determination, wherein BOK applies their own current pricing forecast and an 8% discount rate to the Company’s proved reserves as calculated by the Company’s Independent Consulting Petroleum Engineering Firm. When applying the discount rate, BOK also applies an advance rate percentage to all proved non-producing and proved undeveloped reserves. The facility currently has a borrowing base of $35,000,000 and is secured by certain of the Company’s properties with a carrying value of $38,459,185 at March 31, 2014. The facility matures on November 30, 2017. The interest rate is based on BOK prime plus from 0.375% to 1.125%, or 30 day LIBOR plus from 1.875% to 2.625%. The election of BOK prime or LIBOR is at the Company’s discretion. The interest rate spread from LIBOR or the prime rate increases as a larger percent of the loan value of the Company’s oil and natural gas properties is advanced. The interest rate spread from BOK prime or LIBOR will be charged based on the percent of the value advanced of the calculated loan value of the Company’s oil and natural gas properties. At March 31, 2014, the effective interest rate was 2.03%.

	The Company’s debt is recorded at the carrying amount on its balance sheet. The carrying amount of the Company’s revolving credit facility approximates fair value because the interest rates are reflective of market rates.

	Since the bank charges a customary non-use fee of 0.25% annually of the unused portion of the borrowing base, the Company has not requested the bank to increase its borrowing base beyond $35,000,000. Determinations of the borrowing base are made semi-annually or whenever the bank, in its sole discretion, believes that there has been a material change in the value of the oil and natural gas properties. While the Company believes the availability could be increased (if needed) by placing more of the Company’s properties as security under the revolving credit facility, increases are at the discretion of the bank. The loan agreement contains customary covenants which, among other things, require periodic financial and reserve reporting and limit the Company’s incurrence of indebtedness, liens, dividends and acquisitions of treasury stock, and require the Company to maintain certain financial ratios. At March 31, 2014, the Company was in compliance with the covenants of the BOK agreement.

Deferred_Compensation_Plan_For

Deferred Compensation Plan For Directors	6 Months Ended
Deferred Compensation Plan For Directors	Mar. 31, 2014
Deferred Compensation Plan For Directors [Abstract]	'
Deferred Compensation Plan For Directors	'
	NOTE 5: Deferred Compensation Plan for Directors

	The Company has a deferred compensation plan for non-employee directors (the Plan). The Plan provides that each eligible director can individually elect to be credited with future unissued shares of Company stock rather than cash for Board and committee chair retainers, Board meeting fees and Board committee meeting fees. These unissued shares are credited to each director’s deferred fee account at the closing market price of the stock on the date earned. Upon retirement, termination or death of the director, or upon a change in control of the Company, the unissued shares credited under the Plan will be issued to the director.

Restricted_Stock_Plan

Restricted Stock Plan	6 Months Ended
Restricted Stock Plan	Mar. 31, 2014
Restricted Stock Plan [Abstract]	'
Restricted Stock Plan	'
	NOTE 6: Restricted Stock Plan

	On March 11, 2010, shareholders approved the Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan (2010 Stock Plan), which made available 100,000 shares of common stock to provide a long-term component to the Company’s total compensation package for its officers and to further align the interest of its officers with those of its shareholders. On March 5, 2014, shareholders approved an amendment to increase the number of shares of common stock reserved for issuance under the 2010 Stock Plan from 100,000 shares to 250,000 shares and to allow the grant of shares of restricted stock to our directors. The 2010 Stock Plan, as amended, is designed to provide as much flexibility as possible for future grants of restricted stock so that the Company can respond as necessary to provide competitive compensation in order to retain, attract and motivate directors and officers of the Company and to align their interests with those of the Company’s shareholders.

	Effective March 2010, the board of directors approved the purchase of the Company’s common stock, from time to time, up to an amount equal to the aggregate number of shares of common stock awarded pursuant to the Company’s 2010 Restricted Stock Plan, contributed by the Company to its ESOP and credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors.

	On December 21, 2013, the Company awarded 6,093 non-performance based shares and 18,279 performance based shares of the Company’s common stock as restricted stock to certain officers. The restricted stock vests at the end of three years and contains nonforfeitable rights to receive dividends and voting rights during the vesting period. The non-performance and performance based shares had a fair value on their award date of $199,788 and $294,889, respectively, and will be recognized as compensation expense ratably over the vesting period. The fair value of the performance based shares on their award date is calculated by simulating the Company’s stock price and stock price return utilizing a Monte Carlo model covering the period from the grant date through the end of the performance period (December 21, 2013, through December 21, 2016).

	The following table summarizes the Company’s pre-tax compensation expense for the three and six months ended March 31, 2014 and 2013, related to the Company’s performance based and non-performance based restricted stock.




		Three Months Ended				Six Months Ended
		March 31,				March 31,
		2014		2013		2014		2013
	Performance based, restricted stock	$	77,585	$	81,822	$	150,280	$	181,761
	Non-performance based, restricted stock		56,613		60,208		111,894		218,146
	Total compensation expense	$	134,198	$	142,030	$	262,174	$	399,907

	A summary of the Company’s unrecognized compensation cost for its unvested performance based and non-performance based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table.




		As of March 31, 2014
		Unrecognized Compensation Cost		Weighted Average Period (in years)
	Performance based, restricted stock	$	427,335	1.79
	Non-performance based, restricted stock		315,522	1.75
	Total	$	742,857
	Upon vesting, shares are expected to be issued out of shares held in treasury.

Oil_NGL_And_Natural_Gas_Reserv

Oil, NGL And Natural Gas Reserves	6 Months Ended
Oil, NGL And Natural Gas Reserves	Mar. 31, 2014
Oil, NGL And Natural Gas Reserves [Abstract]	'
Oil, NGL And Natural Gas Reserves	'
	NOTE 7: Oil, NGL and Natural Gas Reserves

	Management considers the estimation of the Company’s crude oil, NGL and natural gas reserves to be the most significant of its judgments and estimates. Changes in crude oil, NGL and natural gas reserve estimates affect the Company’s calculation of DD&A, provision for abandonment and assessment of the need for asset impairments. On an annual basis, with a semi-annual update, the Company’s Independent Consulting Petroleum Engineer, with assistance from Company staff, prepares estimates of crude oil, NGL and natural gas reserves based on available geological and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geological and geophysical information. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing appropriate prices for the current period. The estimated oil, NGL and natural gas reserves were computed using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month oil, NGL and natural gas price for each month within the 12-month period prior to the balance sheet date, held flat over the life of the properties. However, projected future crude oil, NGL and natural gas pricing assumptions are used by management to prepare estimates of crude oil, NGL and natural gas reserves and future net cash flows used in asset impairment assessments and in formulating management’s overall operating decisions. Crude oil, NGL and natural gas prices are volatile and affected by worldwide production and consumption and are outside the control of management.

Impairment

Impairment	6 Months Ended
Impairment	Mar. 31, 2014
Impairment [Abstract]	'
Impairment	'
	NOTE 8: Impairment

	All long-lived assets, principally oil and natural gas properties, are monitored for potential impairment when circumstances indicate that the carrying value of the asset may be greater than its estimated future net cash flows. The evaluations involve significant judgment since the results are based on estimated future events, such as inflation rates, future sales prices for oil, NGL and natural gas, future production costs, estimates of future oil, NGL and natural gas reserves to be recovered and the timing thereof, the economic and regulatory climates and other factors. The need to test a property for impairment may result from significant declines in sales prices or unfavorable adjustments to oil, NGL and natural gas reserves. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing updated projected future price decks current with the period. For the three months ended March 31, 2014 and 2013, the assessment resulted in impairment provisions of $227,152 and $63,476, respectively. For the six months ended March 31, 2014 and 2013, the assessment resulted in impairment provisions of $430,143 and $218,441, respectively. A reduction in oil, NGL or natural gas prices, or a decline in reserve volumes, could lead to additional impairment that may be material to the Company.

Capitalized_Costs

Capitalized Costs	6 Months Ended
Capitalized Costs	Mar. 31, 2014
Capitalized Costs [Abstract]	'
Capitalized Costs	'
	NOTE 9: Capitalized Costs

	As of March 31, 2014 and 2013, non-producing oil and natural gas properties include costs of $449,816 and $0, respectively, on exploratory wells which were drilling and/or testing.

Derivatives

6 Months Ended

Mar. 31, 2014

Derivatives [Abstract]

Derivatives

NOTE 10: Derivatives

The Company has entered into fixed swap contracts and costless collar contracts. These instruments are intended to reduce the Company’s exposure to short-term fluctuations in the price of oil and natural gas. Fixed swap contracts set a fixed price and provide payments to the Company if the index price is below the fixed price, or require payments by the Company if the index price is above the fixed price. Collar contracts set a fixed floor price and a fixed ceiling price and provide payments to the Company if the index price falls below the floor or require payments by the Company if the index price rises above the ceiling. These contracts cover only a portion of the Company’s natural gas and oil production and provide only partial price protection against declines in natural gas and oil prices. These derivative instruments may expose the Company to risk of financial loss and limit the benefit of future increases in prices. All of the Company’s derivative contracts are with Bank of Oklahoma and are secured. The derivative instruments have settled or will settle based on the prices below.

Derivative contracts in place as of March 31, 2014

Production volume

Contract period

covered per month

Index

Contract price

Natural gas costless collars

November 2013 - April 2014

160,000 Mmbtu

NYMEX Henry Hub

$4.00 floor / $4.55 ceiling

January - June 2014

40,000 Mmbtu

NYMEX Henry Hub

$3.25 floor / $3.90 ceiling

January - June 2014

50,000 Mmbtu

NYMEX Henry Hub

$3.50 floor / $4.30 ceiling

January - June 2014

80,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.35 ceiling

July - December 2014

140,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.50 ceiling

Natural gas fixed price swaps

January - June 2014

80,000 Mmbtu

NYMEX Henry Hub

$4.08

July - December 2014

140,000 Mmbtu

NYMEX Henry Hub

$4.11

April - September 2014

50,000 Mmbtu

NYMEX Henry Hub

$4.20

April - September 2014

50,000 Mmbtu

NYMEX Henry Hub

$4.18

April - September 2014

50,000 Mmbtu

NYMEX Henry Hub

$4.21

May - October 2014

30,000 Mmbtu

NYMEX Henry Hub

$4.30

October - December 2014

40,000 Mmbtu

NYMEX Henry Hub

$4.61

Oil costless collars

January - June 2014

4,000 Bbls

NYMEX WTI

$90.00 floor / $101.50 ceiling

January - December 2014

4,000 Bbls

NYMEX WTI

$85.00 floor / $100.00 ceiling

January - June 2014

3,667 Bbls

NYMEX WTI

$85.00 floor / $99.00 ceiling

Oil fixed price swaps

January - December 2014

3,000 Bbls

NYMEX WTI

$94.50

July - December 2014

4,000 Bbls

NYMEX WTI

$95.25

Derivative contracts in place as of September 30, 2013

Production volume

Contract period

covered per month

Index

Contract price

Natural gas costless collars

February - December 2013

80,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.25 ceiling

February - December 2013

50,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.30 ceiling

February - December 2013

100,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.05 ceiling

November 2013 - April 2014

160,000 Mmbtu

NYMEX Henry Hub

$4.00 floor / $4.55 ceiling

Natural gas fixed price swaps

March - October 2013

100,000 Mmbtu

NYMEX Henry Hub

$3.50

March - October 2013

70,000 Mmbtu

NYMEX Henry Hub

$3.40

April - December 2013

40,000 Mmbtu

NYMEX Henry Hub

$3.65

May - November 2013

100,000 Mmbtu

NYMEX Henry Hub

$4.32

Oil costless collars

March - December 2013

3,000 Bbls

NYMEX WTI

$90.00 floor / $102.00 ceiling

March - December 2013

4,000 Bbls

NYMEX WTI

$90.00 floor / $101.50 ceiling

May - December 2013

2,000 Bbls

NYMEX WTI

$90.00 floor / $97.50 ceiling

January - June 2014

4,000 Bbls

NYMEX WTI

$90.00 floor / $101.50 ceiling

Oil fixed price swaps

September - December 2013

4,000 Bbls

NYMEX WTI

$105.25

The Company has elected not to complete all of the documentation requirements necessary to permit these derivative contracts to be accounted for as cash flow hedges. The Company’s fair value of derivative contracts was a net liability of $1,292,329 as of March 31, 2014, and a net asset of $425,198 as of September 30, 2013.

The fair value amounts recognized for the Company’s derivative contracts executed with the same counterparty under a master netting arrangement may be offset. The Company has the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Condensed Balance Sheets. The Company has chosen to present the fair values of its derivative contracts under master netting agreements using a net fair value presentation.

The following table summarizes and reconciles the Company's derivative contracts’ fair values at a gross level back to net fair value presentation on the Company's Condensed Balance Sheets at March 31, 2014, and September 30, 2013. The Company adopted the accounting guidance requiring additional disclosures for balance sheet offsetting of assets and liabilities effective January 1, 2013. The Company has offset all amounts subject to master netting agreements in the Company's Condensed Balance Sheets at March 31, 2014, and September 30, 2013.

3/31/14

9/30/13

Fair Value (a)

Commodity Contracts

Current Assets

Current Liabilities

Current Assets

Current Liabilities

Gross amounts recognized

12,541

1,304,870

665,099

239,901

Offsetting adjustments

-12,541

-239,901

Net presentation on Condensed Balance Sheets

1,292,329

425,198

(a) See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

The fair value of derivative assets and derivative liabilities is adjusted for credit risk. The impact of credit risk was immaterial for all periods presented.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	NOTE 11: Fair Value Measurements

	Fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the financial asset or liability.

	The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014.




			Fair Value Measurement at March 31, 2014
			Quoted Prices in Active Markets			Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair
			(Level 1)			(Level 2)		(Level 3)		Value
	Financial Assets (Liabilities):
	Derivative Contracts - Swaps		$	-		$	-749,981	$	-	$	-749,981
	Derivative Contracts - Collars		$	-		$	-	$	-542,348	$	-542,348

	Level 2 – Market Approach - The fair values of the Company’s natural gas swaps are based on a third-party pricing model which utilizes inputs that are either readily available in the public market, such as natural gas curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness.

	Level 3 – The fair values of the Company’s costless collar contracts are based on a pricing model which utilizes inputs that are unobservable or not readily available in the public market. These values are based upon future prices, volatility, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness.

	The significant unobservable inputs for Level 3 derivative contracts include market volatility and credit risk of counterparties. Changes in these inputs will impact the fair value measurement of our derivative contracts. An increase (decrease) in the volatility of oil and natural gas prices will decrease (increase) the fair value of oil and natural gas derivatives and adverse changes to our counterparties’ creditworthiness will decrease the fair value of our derivatives.

	The following table represents quantitative disclosures about unobservable inputs for Level 3 Fair Value Measurements.




	Instrument Type		Unobservable Input		Range		Weighted Average	Fair Value March 31, 2014

	Oil Collars		Oil price volatility curve		0% - 15.18%		8.15%	$	-172,656
	Natural Gas Collars		Natural gas price volatility curve		0% - 23.51%		13.17%	$	-369,692

	A reconciliation of the Company’s derivative contracts classified as Level 3 measurements is presented below. All gains and losses are presented on the Gains (losses) on derivative contracts line item on our Statement of Operations.




		Derivatives
	Balance of Level 3 as of October 1, 2013	$	242,902
	Total gains or (losses)
	Included in earnings		-373,999
	Included in other comprehensive income (loss)		-
	Purchases, issuances and settlements		-411,251
	Transfers in and out of Level 3		-
	Balance of Level 3 as of March 31, 2014	$	-542,348

	The following table presents impairments associated with certain assets that have been measured at fair value on a nonrecurring basis within Level 3 of the fair value hierarchy.




			Quarter Ended March 31,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment

	Producing Properties (a)		$	391,898		$	227,152	$	9,786	$	63,476

			Six Months Ended March 31,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment

	Producing Properties (a)		$	628,097		$	430,143	$	342,006	$	218,441

(a) At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

At March 31, 2014, and September 30, 2013, the fair value of financial instruments approximated their carrying amounts. Financial instruments include long-term debt, which the valuation is classified as Level 3 and is based on a valuation technique that requires inputs that are both unobservable and significant to the overall fair value measurement. The fair value measurement of our long-term debt is valued using a discounted cash flow model that calculates the present value of future cash flows pursuant to the terms of the debt agreements and applies estimated current market interest rates. The estimated current market interest rates are based primarily on interest rates currently being offered on borrowings of similar amounts and terms. In addition, no valuation input adjustments were considered necessary relating to nonperformance risk for the debt agreements.

Recently_Adopted_Accounting_Pr

Recently Adopted Accounting Pronouncements	6 Months Ended
Recently Adopted Accounting Pronouncements	Mar. 31, 2014
Recently Adopted Accounting Pronouncements [Abstract]	'
Recently Adopted Accounting Pronouncements	'
	NOTE 12: Recently Adopted Accounting Pronouncements

	Accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Restricted_Stock_Plan_Tables

Restricted Stock Plan (Tables)	6 Months Ended
Restricted Stock Plan (Tables)	Mar. 31, 2014
Restricted Stock Plan [Abstract]	'
Summary Of Pre-Tax Compensation Expense	'


		Three Months Ended				Six Months Ended
		March 31,				March 31,
		2014		2013		2014		2013
	Performance based, restricted stock	$	77,585	$	81,822	$	150,280	$	181,761
	Non-performance based, restricted stock		56,613		60,208		111,894		218,146
	Total compensation expense	$	134,198	$	142,030	$	262,174	$	399,907


Summary Of Unrecognized Compensation Cost	'


		As of March 31, 2014
		Unrecognized Compensation Cost		Weighted Average Period (in years)
	Performance based, restricted stock	$	427,335	1.79
	Non-performance based, restricted stock		315,522	1.75
	Total	$	742,857

Derivatives_Tables

Derivatives (Tables)

6 Months Ended

Mar. 31, 2014

Derivatives [Abstract]

Summary Of Derivative Instruments Contracts

Derivative contracts in place as of March 31, 2014

Production volume

Contract period

covered per month

Index

Contract price

Natural gas costless collars

November 2013 - April 2014

160,000 Mmbtu

NYMEX Henry Hub

$4.00 floor / $4.55 ceiling

January - June 2014

40,000 Mmbtu

NYMEX Henry Hub

$3.25 floor / $3.90 ceiling

January - June 2014

50,000 Mmbtu

NYMEX Henry Hub

$3.50 floor / $4.30 ceiling

January - June 2014

80,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.35 ceiling

July - December 2014

140,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.50 ceiling

Natural gas fixed price swaps

January - June 2014

80,000 Mmbtu

NYMEX Henry Hub

$4.08

July - December 2014

140,000 Mmbtu

NYMEX Henry Hub

$4.11

April - September 2014

50,000 Mmbtu

NYMEX Henry Hub

$4.20

April - September 2014

50,000 Mmbtu

NYMEX Henry Hub

$4.18

April - September 2014

50,000 Mmbtu

NYMEX Henry Hub

$4.21

May - October 2014

30,000 Mmbtu

NYMEX Henry Hub

$4.30

October - December 2014

40,000 Mmbtu

NYMEX Henry Hub

$4.61

Oil costless collars

January - June 2014

4,000 Bbls

NYMEX WTI

$90.00 floor / $101.50 ceiling

January - December 2014

4,000 Bbls

NYMEX WTI

$85.00 floor / $100.00 ceiling

January - June 2014

3,667 Bbls

NYMEX WTI

$85.00 floor / $99.00 ceiling

Oil fixed price swaps

January - December 2014

3,000 Bbls

NYMEX WTI

$94.50

July - December 2014

4,000 Bbls

NYMEX WTI

$95.25

Derivative contracts in place as of September 30, 2013

Production volume

Contract period

covered per month

Index

Contract price

Natural gas costless collars

February - December 2013

80,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.25 ceiling

February - December 2013

50,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.30 ceiling

February - December 2013

100,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.05 ceiling

November 2013 - April 2014

160,000 Mmbtu

NYMEX Henry Hub

$4.00 floor / $4.55 ceiling

Natural gas fixed price swaps

March - October 2013

100,000 Mmbtu

NYMEX Henry Hub

$3.50

March - October 2013

70,000 Mmbtu

NYMEX Henry Hub

$3.40

April - December 2013

40,000 Mmbtu

NYMEX Henry Hub

$3.65

May - November 2013

100,000 Mmbtu

NYMEX Henry Hub

$4.32

Oil costless collars

March - December 2013

3,000 Bbls

NYMEX WTI

$90.00 floor / $102.00 ceiling

March - December 2013

4,000 Bbls

NYMEX WTI

$90.00 floor / $101.50 ceiling

May - December 2013

2,000 Bbls

NYMEX WTI

$90.00 floor / $97.50 ceiling

January - June 2014

4,000 Bbls

NYMEX WTI

$90.00 floor / $101.50 ceiling

Oil fixed price swaps

September - December 2013

4,000 Bbls

NYMEX WTI

$105.25

Summary Of Derivative Contracts

3/31/14

9/30/13

Fair Value (a)

Commodity Contracts

Current Assets

Current Liabilities

Current Assets

Current Liabilities

Gross amounts recognized

12,541

1,304,870

665,099

239,901

Offsetting adjustments

-12,541

-239,901

Net presentation on Condensed Balance Sheets

1,292,329

425,198

(a) See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	'


			Fair Value Measurement at March 31, 2014
			Quoted Prices in Active Markets			Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair
			(Level 1)			(Level 2)		(Level 3)		Value
	Financial Assets (Liabilities):
	Derivative Contracts - Swaps		$	-		$	-749,981	$	-	$	-749,981
	Derivative Contracts - Collars		$	-		$	-	$	-542,348	$	-542,348


Summary Of Unobservable Inputs For Level 3 Fair Value Measurements	'


	Instrument Type		Unobservable Input		Range		Weighted Average	Fair Value March 31, 2014

	Oil Collars		Oil price volatility curve		0% - 15.18%		8.15%	$	-172,656
	Natural Gas Collars		Natural gas price volatility curve		0% - 23.51%		13.17%	$	-369,692


Summary Of Reconciliation Of Assets Classified As Level 3 Measurements	'


		Derivatives
	Balance of Level 3 as of October 1, 2013	$	242,902
	Total gains or (losses)
	Included in earnings		-373,999
	Included in other comprehensive income (loss)		-
	Purchases, issuances and settlements		-411,251
	Transfers in and out of Level 3		-
	Balance of Level 3 as of March 31, 2014	$	-542,348


Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3	'




			Quarter Ended March 31,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment

	Producing Properties (a)		$	391,898		$	227,152	$	9,786	$	63,476

			Six Months Ended March 31,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment

	Producing Properties (a)		$	628,097		$	430,143	$	342,006	$	218,441

	(a) At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Abstract]	'	'	'	'
Effective tax rate	33.00%	42.00%	32.00%	31.00%

LongTerm_Debt_Details

Long-Term Debt (Details) (Revolving Credit Facility [Member], USD $)	6 Months Ended
	Mar. 31, 2014
Line Of Credit Facility [Line Items]	'
Revolving loan credit facility	$80,000,000
Discount rate	8.00%
Borrowing base of credit facility	35,000,000
Properties carrying value	$38,459,185
Credit facility maturity	30-Nov-17
Effective Interest rate	2.03%
Annual Non Use Fee Percentage	0.25%
Minimum [Member] \| Prime Rate [Member]	'
Line Of Credit Facility [Line Items]	'
Interest rate basis	0.38%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]	'
Line Of Credit Facility [Line Items]	'
Interest rate basis	1.88%
Maximum [Member] \| Prime Rate [Member]	'
Line Of Credit Facility [Line Items]	'
Interest rate basis	1.13%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]	'
Line Of Credit Facility [Line Items]	'
Interest rate basis	2.63%

Restricted_Stock_Plan_Narrativ

Restricted Stock Plan (Narrative) (Details) (USD $)	6 Months Ended			0 Months Ended
	Mar. 31, 2014	Mar. 05, 2014	Mar. 11, 2010	Dec. 21, 2013	Dec. 21, 2013
	Mar. 31, 2014	2010 Stock Plan [Member]	2010 Stock Plan [Member]	Non Performance Based Restricted Stock [Member]	Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Common stock authorized	'	250,000	100,000	'	'
Shares awarded	'	'	'	6,093	18,279
Restricted Stock vesting period	'3 years	'	'	'	'
Fair value of shares awarded	'	'	'	$199,788	$294,889

Restricted_Stock_Plan_Summary_

Restricted Stock Plan (Summary Of Pre-Tax Compensation Expense) (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$134,198	$142,030	$262,174	$399,907
Performance Based Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	77,585	81,822	150,280	181,761
Non Performance Based Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$56,613	$60,208	$111,894	$218,146

Restricted_Stock_Plan_Summary_1

Restricted Stock Plan (Summary Of Unrecognized Compensation Cost) (Details) (USD $)	6 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost	$742,857
Performance Based Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost	427,335
Weighted Average Period	'1 year 9 months 15 days
Non Performance Based Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost	$315,522
Weighted Average Period	'1 year 9 months

Oil_NGL_And_Natural_Gas_Reserv1

Oil, NGL And Natural Gas Reserves (Details)	6 Months Ended
Oil, NGL And Natural Gas Reserves (Details)	Mar. 31, 2014
Oil, NGL And Natural Gas Reserves [Abstract]	'
Computation of Oil, Natural Gas and NGL Reserves	'12 months

Impairment_Details

Impairment (Details) (USD $)	3 Months Ended				6 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013
Impairment [Abstract]	'		'		'		'
Impairment	$227,152	[1]	$63,476	[1]	$430,143	[1]	$218,441	[1]

[1]	At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Capitalized_Costs_Details

Capitalized Costs (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Capitalized Costs [Abstract]	'	'
Cost of Non-Producing Oil and Natural Gas Properties	$449,816	$0

Derivatives_Narrative_Details

Derivatives (Narrative) (Details) (USD $)	Mar. 31, 2014		Sep. 30, 2013
Derivatives [Abstract]	'		'
Net liability	$1,292,329	[1]	'	[1]
Net asset	'	[1]	$425,198	[1]

[1]	See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Derivatives_Summary_Of_Derivat

Derivatives (Summary Of Derivative Instruments Contracts) (Details)	Mar. 31, 2014	Sep. 30, 2013
	MMBTU	MMBTU
Natural Gas Costless Collars [Member] \| Fixed Price One [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	160,000	80,000
Natural Gas Costless Collars [Member] \| Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	40,000	50,000
Natural Gas Costless Collars [Member] \| Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	50,000	100,000
Natural Gas Costless Collars [Member] \| Fixed Price Four [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	80,000	160,000
Natural Gas Costless Collars [Member] \| Fixed Price Five [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	140,000	'
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Five [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	'	100,000
Contract price	'	3.505
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Six [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	80,000	70,000
Contract price	4.085	3.4
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Seven [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	140,000	40,000
Contract price	4.11	3.655
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Eight [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	50,000	100,000
Contract price	4.2	4.32
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	50,000	'
Contract price	4.18	'
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Ten [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	50,000	'
Contract price	4.21	'
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Eleven [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	30,000	'
Contract price	4.3	'
Natural Gas Fixed Price Swaps [Member] \| Fixed Price Twelve [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	40,000	'
Contract price	4.61	'
Oil Costless Collars [Member] \| Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	'	3,000
Oil Costless Collars [Member] \| Fixed Price Ten [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	'	4,000
Oil Costless Collars [Member] \| Fixed Price Eleven [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	'	2,000
Oil Costless Collars [Member] \| Fixed Price Twelve [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	'	4,000
Oil Costless Collars [Member] \| Fixed Price Thirteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	4,000	'
Oil Costless Collars [Member] \| Fixed Price Fourteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	4,000	'
Oil Costless Collars [Member] \| Fixed Price Fifteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	3,667	'
Oil Fixed Price Swaps [Member] \| Fixed Price Thirteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	'	4,000
Contract price	'	105.25
Oil Fixed Price Swaps [Member] \| Fixed Price Sixteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	3,000	'
Contract price	94.5	'
Oil Fixed Price Swaps [Member] \| Fixed Price Seventeen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	4,000	'
Contract price	95.25	'
Minimum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price One [Member]	'	'
Derivative [Line Items]	'	'
Contract price	4	3.75
Minimum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Contract price	3.25	3.75
Minimum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Contract price	3.5	3.75
Minimum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Four [Member]	'	'
Derivative [Line Items]	'	'
Contract price	3.75	4
Minimum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Five [Member]	'	'
Derivative [Line Items]	'	'
Contract price	3.75	'
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	90
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Ten [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	90
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Eleven [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	90
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Twelve [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	90
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Thirteen [Member]	'	'
Derivative [Line Items]	'	'
Contract price	90	'
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Fourteen [Member]	'	'
Derivative [Line Items]	'	'
Contract price	85	'
Minimum [Member] \| Oil Costless Collars [Member] \| Fixed Price Fifteen [Member]	'	'
Derivative [Line Items]	'	'
Contract price	85	'
Maximum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price One [Member]	'	'
Derivative [Line Items]	'	'
Contract price	4.55	4.25
Maximum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Contract price	3.9	4.3
Maximum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Contract price	4.3	4.05
Maximum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Four [Member]	'	'
Derivative [Line Items]	'	'
Contract price	4.35	4.55
Maximum [Member] \| Natural Gas Costless Collars [Member] \| Fixed Price Five [Member]	'	'
Derivative [Line Items]	'	'
Contract price	4.5	'
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	102
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Ten [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	101.5
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Eleven [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	97.5
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Twelve [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	101.5
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Thirteen [Member]	'	'
Derivative [Line Items]	'	'
Contract price	101.5	'
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Fourteen [Member]	'	'
Derivative [Line Items]	'	'
Contract price	100	'
Maximum [Member] \| Oil Costless Collars [Member] \| Fixed Price Fifteen [Member]	'	'
Derivative [Line Items]	'	'
Contract price	99	'

Derivatives_Summary_Of_Derivat1

Derivatives (Summary Of Derivative Contracts) (Details) (USD $)	Mar. 31, 2014		Sep. 30, 2013
Derivatives [Abstract]	'		'
Gross amounts recognized - Current Assets	$12,541	[1]	$665,099	[1]
Gross amounts recognized - Current Liabilities	1,304,870	[1]	239,901	[1]
Net presentation on Condensed Balance - Current Assets	'	[1]	425,198	[1]
Net presentation on Condensed Balance - Current Liabilities	$1,292,329	[1]	'	[1]

[1]	See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Fair_Value_Measurements_Summar

Fair Value Measurements (Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)	Mar. 31, 2014
Swap [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	($749,981)
Collars [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	-542,348
Fair Value, Inputs, Level 1 [Member] \| Swap [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	'
Fair Value, Inputs, Level 1 [Member] \| Collars [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	'
Fair Value, Inputs, Level 2 [Member] \| Swap [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	-749,981
Fair Value, Inputs, Level 3 [Member] \| Collars [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	($542,348)

Fair_Value_Measurements_Summar1

Fair Value Measurements (Summary Of Unobservable Inputs For Level 3 Fair Value Measurements) (Details) (USD $)	6 Months Ended
	Mar. 31, 2014
Oil Costless Collars [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Unobservable Input	'Oil price volatility curve
Weighted Average	8.15%
Fair Value	($172,656)
Oil Costless Collars [Member] \| Minimum [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Range	0.00%
Oil Costless Collars [Member] \| Maximum [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Range	15.18%
Natural Gas Costless Collars [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Unobservable Input	'Natural gas price volatility curve
Weighted Average	13.17%
Fair Value	($369,692)
Natural Gas Costless Collars [Member] \| Minimum [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Range	0.00%
Natural Gas Costless Collars [Member] \| Maximum [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Range	23.51%

Fair_Value_Measurements_Summar2

Fair Value Measurements (Summary Of Reconciliation Of Assets Classified As Level 3 Measurements) (Details) (USD $)	6 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Balance of Level 3 as of October 1, 2013	$242,902
Included in earnings	-373,999
Included in other comprehensive income (loss)	'
Purchases, issuances and settlements	-411,251
Transfers in and out of Level 3	'
Balance of Level 3 as of March 31, 2014	($542,348)

Fair_Value_Measurements_Summar3

Fair Value Measurements (Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3) (Details) (USD $)	3 Months Ended				6 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013
Fair Value Measurements [Abstract]	'		'		'		'
Producing Properties, Fair Value	$391,898	[1]	$9,786	[1]	$628,097	[1]	$342,006	[1]
Producing Properties, Impairment	$227,152	[1]	$63,476	[1]	$430,143	[1]	$218,441	[1]

[1]	At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.