PHX Minerals (PHX) 10-Q 7 Aug 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Jun. 30, 2014	Aug. 07, 2014
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	30-Jun-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Current Fiscal Year End Date	'--09-30	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	8,238,628

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Jun. 30, 2014		Sep. 30, 2013
Current Assets:	'		'
Cash and cash equivalents	$1,511,057		$2,867,171
Oil, NGL and natural gas sales receivables	15,070,653		13,720,761
Refundable income taxes	3,160,243		'
Refundable production taxes	760,947		662,051
Derivative contracts, net	'	[1]	425,198	[1]
Other	3,660,589		129,998
Total current assets	24,163,489		17,805,179
Properties and equipment at cost, based on successful efforts accounting:	'		'
Producing oil and natural gas properties	408,816,025		304,889,145
Non-producing oil and natural gas properties	9,544,840		8,932,905
Other	1,305,473		737,368
Total properties and equipment, at cost, based on successful efforts accounting	419,666,338		314,559,418
Less accumulated depreciation, depletion and amortization	-198,439,791		-186,641,291
Net properties and equipment	221,226,547		127,918,127
Investments	1,653,406		1,574,642
Refundable production taxes	159,845		540,482
Total assets	247,203,287		147,838,430
Current Liabilities:	'		'
Accounts payable	8,031,138		8,409,634
Derivative contracts, net	1,944,091	[1]	'	[1]
Deferred income taxes	9,100		127,100
Income taxes payable	'		751,992
Accrued liabilities and other	1,111,910		1,011,865
Total current liabilities	11,096,239		10,300,591
Long-term debt	85,852,794		8,262,256
Deferred income taxes	37,308,907		31,226,907
Asset retirement obligations	2,855,520		2,393,190
Derivative contracts, net	62,138	[1]	'
Stockholders' equity:	'		'
Class A voting common stock, $.0166 par value; 24,000,000 shares authorized, 8,431,502 issued at June 30, 2014, and September 30, 2013	140,524		140,524
Capital in excess of par value	2,767,615		2,587,838
Deferred directors' compensation	3,026,134		2,756,526
Retained earnings	110,162,113		96,454,449
Stockholders' Equity	116,096,386		101,939,337
Less treasury stock, at cost; 192,874 shares at June 30, 2014, and 200,248 shares at September 30, 2013	-6,068,697		-6,283,851
Total stockholders' equity	110,027,689		95,655,486
Total liabilities and stockholders' equity	$247,203,287		$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 $)	Jun. 30, 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	192,874	200,248

Condensed_Statements_Of_Operat

Condensed Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Oil, NGL and natural gas sales	$19,534,545	$15,827,137	$59,115,928	$42,686,935
Lease bonuses and rentals	137,476	24,146	353,422	539,479
Gains (losses) on derivative contracts	-1,427,165	1,714,832	-3,511,095	796,166
Income from partnerships	130,121	164,330	565,523	470,286
Total revenues	18,374,977	17,730,445	56,523,778	44,492,866
Costs and expenses:	'	'	'	'
Lease operating expenses	2,961,750	3,105,709	9,930,147	9,040,613
Production taxes	593,941	460,902	1,871,538	1,177,341
Exploration costs	6,956	25,648	70,140	60,827
Depreciation, depletion and amortization	5,314,777	5,192,544	15,562,630	17,090,187
Provision for impairment	'	7,400	430,143	225,841
Loss (gain) on asset sales, interest and other	44,594	29,789	71,783	-138,921
General and administrative	1,825,374	1,585,285	5,349,921	5,127,025
Total costs and expenses	10,747,392	10,407,277	33,286,302	32,582,913
Income before provision for income taxes	7,627,585	7,323,168	23,237,476	11,909,953
Provision for income taxes	2,505,000	2,253,000	7,534,000	3,669,000
Net income	$5,122,585	$5,070,168	$15,703,476	$8,240,953
Basic and diluted earnings per common share (Note 3)	$0.61	$0.61	$1.88	$0.99
Basic and diluted weighted average shares outstanding:	'	'	'	'
Common shares	8,237,020	8,163,520	8,235,186	8,247,642
Unissued, directors' deferred compensation shares	127,835	116,762	126,051	113,259
Basic and diluted weighted average shares outstanding	8,364,855	8,280,282	8,361,237	8,360,901
Dividends declared per share of common stock and paid in period	$0.08	$0.07	$0.24	$0.21

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	'	'	'	'	-1,214,638	-1,214,638
Purchase of treasury stock, shares	'	'	'	'	-42,206	'
Restricted stock awards	'	541,937	'	'	'	541,937
Net income	'	'	'	8,240,953	'	8,240,953
Dividends	'	'	'	-1,746,217	'	-1,746,217
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	'	'	288,759	'	'	288,759
Balances at Jun. 30, 2013	140,524	2,479,619	2,667,765	91,316,131	-6,626,113	89,977,926
Balances, Treasury shares at Jun. 30, 2013	'	'	'	'	-211,155	'
Balances, shares at Jun. 30, 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	'	499,791	'	'	'	499,791
Net income	'	'	'	15,703,476	'	15,703,476
Dividends	'	'	'	-1,995,812	'	-1,995,812
Distribution of restricted stock to officers and directors	'	-320,014	'	'	337,198	17,184
Distribution of restricted stock to officers and directors, shares	'	'	'	'	11,096	'
Increase in deferred directors' compensation charged to expense	'	'	269,608	'	'	269,608
Balances at Jun. 30, 2014	$140,524	$2,767,615	$3,026,134	$110,162,113	($6,068,697)	$110,027,689
Balances, Treasury shares at Jun. 30, 2014	'	'	'	'	-192,874	-192,874
Balances, shares at Jun. 30, 2014	8,431,502	'	'	'	'	'

Statements_Of_Stockholders_Equ1

Statements Of Stockholders' Equity (Parenthetical) (Retained Earnings [Member], USD $)	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Retained Earnings [Member]	'	'
Dividends per share	$0.24	$0.21

Condensed_Statements_Of_Cash_F

Condensed Statements Of Cash Flows (USD $)	9 Months Ended
	Jun. 30, 2014		Jun. 30, 2013
Operating Activities	'		'
Net income (loss)	$15,703,476		$8,240,953
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'		'
Depreciation, depletion and amortization	15,562,630		17,090,187
Impairment	430,143	[1]	225,841	[1]
Provision for deferred income taxes	5,964,000		2,651,000
Exploration costs	70,140		60,827
Gain from leasing fee mineral acreage	-352,930		-538,133
Net (gain) loss on sales of assets	152,766		-208,750
Income from partnerships	-565,523		-470,286
Distributions received from partnerships	734,825		603,249
Directors' deferred compensation expense	269,608		288,759
Restricted stock awards	499,791		541,937
Cash provided (used) by changes in assets and liabilities:	'		'
Oil, NGL and natural gas sales receivables	-1,349,892		-3,885,005
Fair value of derivative contracts	2,431,427		-987,249
Refundable production taxes	281,741		253,048
Other current assets	-25,098		78,889
Accounts payable	443,438		-48,038
Income taxes receivable	-3,160,243		325,715
Income taxes payable	-751,992		50,854
Accrued liabilities	100,229		-80,584
Total adjustments	20,735,060		15,952,261
Net cash provided by operating activities	36,438,536		24,193,214
Investing Activities	'		'
Capital expenditures, including dry hole costs	-26,693,851		-20,576,359
Acquisition of working interest properties	-86,759,445		'
Acquisition of minerals and overrides	-56,250		-783,750
Proceeds from leasing fee mineral acreage	381,280		557,196
Investments in partnerships	-248,066		-607,702
Proceeds from sales of assets	92,000		870,610
Net cash used in investing activities	-113,284,332		-20,540,005
Financing Activities	'		'
Borrowings under debt agreement	95,112,044		9,353,651
Payments of loan principal	-17,521,506		-10,663,399
Purchases of treasury stock	-122,044		-1,214,638
Payments of dividends	-1,995,812		-1,746,217
Excess tax benefit on stock-based compensation	17,000		15,000
Net cash provided by (used in) financing activities	75,489,682		-4,255,603
Increase (decrease) in cash and cash equivalents	-1,356,114		-602,394
Cash and cash equivalents at beginning of period	2,867,171		1,984,099
Cash and cash equivalents at end of period	1,511,057		1,381,705
Supplemental Schedule of Noncash Investing and Financing Activities:	'		'
Additions to asset retirement obligations	370,536		119,166
Gross additions to properties and equipment	109,182,119		21,660,852
Net (increase) decrease in accounts payable for properties and equipment additions	4,327,427		-300,743
Capital expenditures and acquisitions, including dry hole costs	$113,509,546		$21,360,109
[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	9 Months Ended
	Jun. 30, 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	9 Months Ended
	Jun. 30, 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 nine months ended June 30, 2014, was 32% as compared to 31% for the nine months ended June 30, 2013.  The effective tax rate for the quarter ended June 30, 2014, was 33% as compared to 31% for the quarter ended June 30, 2013.

Basic_And_Diluted_Earnings_Per

Basic And Diluted Earnings Per Share	9 Months Ended
	Jun. 30, 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	9 Months Ended
	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	NOTE 4: Long-term Debt
	On June 17, 2014, the closing date of the Eagle Ford Shale asset acquisition, the Company increased its credit facility with a group of banks headed by Bank of Oklahoma (BOK) from $80,000,000 to $200,000,000, increased the borrowing base from $35,000,000 to $130,000,000 and extended the maturity date to November 30, 2018. The Company incurred $542,500 of debt issuance costs to increase its credit facility. These costs were capitalized and will be amortized over the term of the facility. The credit facility 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. The facility is secured by certain of the Company’s properties with a carrying value of $163,288,413 at June 30, 2014. 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 BOK prime or LIBOR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from LIBOR or the prime rate increases as a larger percent of the borrowing base is advanced. At June 30, 2014, the effective interest rate was 2.58%.
	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 $130,000,000. 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), 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 June 30, 2014, the Company was in compliance with the covenants of the BOK agreement.

Deferred_Compensation_Plan_For

Deferred Compensation Plan For Directors	9 Months Ended
	Jun. 30, 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	9 Months Ended
	Jun. 30, 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 May 14, 2014, the board of directors approved for management, at their discretion, to purchase 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).
	On May 29, 2014, the Company awarded 3,918 non-performance based shares of the Company’s common stock as restricted stock to its non-employee directors.  One-quarter of the restricted stock vested immediately on May 29, 2014, and an additional quarter vested on June 30, 2014. The remainder will vest over the next six months. The restricted stock contains nonforfeitable rights to receive dividends and voting rights during the vesting period. These non-performance based shares had a fair value on their award date of $210,120.
	The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended June 30, 2014 and 2013, related to the Company’s performance based and non-performance based restricted stock.
		Three Months Ended				Nine Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Performance based, restricted stock	$	76,520	$	81,822	$	226,800	$	263,583
	Non-performance based, restricted stock		161,097		60,208		272,991		278,354
	Total compensation expense	$	237,617	$	142,030	$	499,791	$	541,937
	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 June 30, 2014
		Unrecognized Compensation Cost		Weighted Average Period (in years)
	Performance based, restricted stock	$	350,815	1.62
	Non-performance based, restricted stock		364,545	1.26
	Total	$	715,360
	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	9 Months Ended
	Jun. 30, 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	9 Months Ended
	Jun. 30, 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 June 30, 2014 and 2013, the assessment resulted in impairment provisions of $0 and $7,400, respectively. For the nine months ended June 30, 2014 and 2013, the assessment resulted in impairment provisions of $430,143 and $225,841, 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	9 Months Ended
	Jun. 30, 2014
Capitalized Costs [Abstract]	'
Capitalized Costs	'
	NOTE 9: Capitalized Costs
	As of June 30, 2014 and 2013, non-producing oil and natural gas properties include costs of $888,505 and $0, respectively, on exploratory wells which were drilling and/or testing.

Derivatives

Derivatives

9 Months Ended

Jun. 30, 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 June 30, 2014

Production volume

Contract period

covered per month

Index

Contract price

Natural gas costless collars

July - December 2014

140,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.50 ceiling

Natural gas fixed price swaps

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 - December 2014

4,000 Bbls

NYMEX WTI

$85.00 floor / $100.00 ceiling

July - December 2014

5,000 Bbls

NYMEX WTI

$90.00 floor / $97.00 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

July - December 2014

5,000 Bbls

NYMEX WTI

$94.20

January - March 2015

6,000 Bbls

NYMEX WTI

$92.85

June - December 2014

4,000 Bbls

NYMEX WTI

$99.40

January - June 2015

7,000 Bbls

NYMEX WTI

$96.80

January - June 2015

5,000 Bbls

NYMEX WTI

$97.40

April - December 2015

5,000 Bbls

NYMEX WTI

$94.56

July - December 2015

7,000 Bbls

NYMEX WTI

$93.91

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 $2,006,229 as of June 30, 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 June 30, 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 June 30, 2014, and September 30, 2013.

6/30/14

9/30/13

Fair Value (a)

Fair Value (a)

Commodity Contracts

Commodity Contracts

Current Assets

Current Liabilities

Non-Current Liabilities

Current Assets

Current Liabilities

Gross amounts recognized

$

15,871

$

1,959,962

$

62,138

$

665,099

$

239,901

Offsetting adjustments

-15,871

-15,871

-

-239,901

-239,901

Net presentation on Condensed Balance Sheets

$

-

$

1,944,091

$

62,138

$

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	9 Months Ended
	Jun. 30, 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 June 30, 2014.
			Fair Value Measurement at June 30, 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		$	-		$	-1,483,216	$	-	$	-1,483,216
	Derivative Contracts - Collars		$	-		$	-	$	-523,013	$	-523,013
	Level 2 – Market Approach - The fair values of the Company’s 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 June 30, 2014
	Oil Collars		Oil price volatility curve		0% - 10.30%		6.30%	$	-386,098
	Natural Gas Collars		Natural gas price volatility curve		0% - 18.10%		11.40%	$	-136,915
	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		-78,976
	Included in other comprehensive income (loss)		-
	Purchases, issuances and settlements		-686,939
	Transfers in and out of Level 3		-
	Balance of Level 3 as of June 30, 2014	$	-523,013
	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 June 30,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment
	Producing Properties (a)		$	-		$	-	$	14,849	$	7,400
			Nine Months Ended June 30,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment
	Producing Properties (a)		$	628,097		$	430,143	$	356,855	$	225,841
	(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 June 30, 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.

Acquisitions

Acquisitions	9 Months Ended
	Jun. 30, 2014
Acquisitions [Abstract]	'
Acquisitions	'
	NOTE 12: Acquisitions
	On June 17, 2014,  the Company closed an acquisition of certain Eagle Ford Shale assets located in LaSalle and Frio Counties, Texas, in the core of the Eagle Ford Shale. The assets were purchased from private sellers and included a 16% non-operated working interest in 11,100 gross (1,775 net) acres. The acreage is largely contiguous, entirely held by production and contains 63 producing wells (57 Eagle Ford, 5 Pearsall and 1 Buda) and 109 undeveloped Eagle Ford locations. The adjusted purchase price at closing was  $81.7 million and was funded by utilizing the Company’s bank credit facility. The purchase price was allocated to the producing wells and undeveloped locations based on fair value determined by estimated reserves and adjusted for working capital. The purchase price allocation is preliminary, pending the finalization of working capital adjustments. Adjustments to the estimated fair values may be recorded during the allocation period, not to exceed one year from the date of acquisition.
	Actual and Pro Forma Impact of Acquisitions (Unaudited)
	Revenues attributable to this acquisition (June 17, 2014, through June 30, 2014)  included in the Company’s statement of operations for the quarter and nine months ended June 30, 2014, were $1,011,909. Net income attributable to the acquisition included in the statement of operations for the quarter and nine months ended June 30, 2014, was $388,128.
	The following table presents the unaudited pro forma financial information assuming the Company had acquired this business on October 1, 2012:
		For the Nine Months Ended
		June 30,
		2014		2013
	Revenue:
	As reported	$	56,523,778	$	44,492,866
	Pro forma revenue		16,811,606		14,862,947
	Pro forma	$	73,335,384	$	59,355,813
	Net Income:
	As reported	$	15,703,476	$	8,240,953
	Pro forma income		6,485,185		5,771,157
	Pro forma	$	22,188,661	$	14,012,110
	The unaudited pro forma financial information is for informational purposes only and does not purport to present what our results would actually have been had this transaction actually occurred on the date presented or to project our results of operations or financial position for any future period.

Recently_Adopted_Accounting_Pr

Recently Adopted Accounting Pronouncements	9 Months Ended
	Jun. 30, 2014
Recently Adopted Accounting Pronouncements [Abstract]	'
Recently Adopted Accounting Pronouncements	'
	NOTE 13: Recently Adopted Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09-Revenue from Contracts with Customers, which will supersede nearly all existing revenue recognition guidance under GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We are evaluating our existing revenue recognition policies to determine whether any contracts in the scope of the guidance will be affected by the new requirements. The standard is effective for us on October 1, 2017. Early adoption is not permitted. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. We are currently evaluating the transition method that will be elected.
	Other 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)	9 Months Ended
	Jun. 30, 2014
Restricted Stock Plan [Abstract]	'
Summary Of Pre-Tax Compensation Expense	'
		Three Months Ended				Nine Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Performance based, restricted stock	$	76,520	$	81,822	$	226,800	$	263,583
	Non-performance based, restricted stock		161,097		60,208		272,991		278,354
	Total compensation expense	$	237,617	$	142,030	$	499,791	$	541,937
Summary Of Unrecognized Compensation Cost	'
		As of June 30, 2014
		Unrecognized Compensation Cost		Weighted Average Period (in years)
	Performance based, restricted stock	$	350,815	1.62
	Non-performance based, restricted stock		364,545	1.26
	Total	$	715,360

Derivatives_Tables

Derivatives (Tables)

9 Months Ended

Jun. 30, 2014

Derivatives [Abstract]

'

Summary Of Derivative Instruments Contracts

'

Derivative contracts in place as of June 30, 2014

Production volume

Contract period

covered per month

Index

Contract price

Natural gas costless collars

July - December 2014

140,000 Mmbtu

NYMEX Henry Hub

$3.75 floor / $4.50 ceiling

Natural gas fixed price swaps

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 - December 2014

4,000 Bbls

NYMEX WTI

$85.00 floor / $100.00 ceiling

July - December 2014

5,000 Bbls

NYMEX WTI

$90.00 floor / $97.00 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

July - December 2014

5,000 Bbls

NYMEX WTI

$94.20

January - March 2015

6,000 Bbls

NYMEX WTI

$92.85

June - December 2014

4,000 Bbls

NYMEX WTI

$99.40

January - June 2015

7,000 Bbls

NYMEX WTI

$96.80

January - June 2015

5,000 Bbls

NYMEX WTI

$97.40

April - December 2015

5,000 Bbls

NYMEX WTI

$94.56

July - December 2015

7,000 Bbls

NYMEX WTI

$93.91

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

'

6/30/14

9/30/13

Fair Value (a)

Fair Value (a)

Commodity Contracts

Commodity Contracts

Current Assets

Current Liabilities

Non-Current Liabilities

Current Assets

Current Liabilities

Gross amounts recognized

$

15,871

$

1,959,962

$

62,138

$

665,099

$

239,901

Offsetting adjustments

-15,871

-15,871

-

-239,901

-239,901

Net presentation on Condensed Balance Sheets

$

-

$

1,944,091

$

62,138

$

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)	9 Months Ended
	Jun. 30, 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 June 30, 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		$	-		$	-1,483,216	$	-	$	-1,483,216
	Derivative Contracts - Collars		$	-		$	-	$	-523,013	$	-523,013
Summary Of Unobservable Inputs For Level 3 Fair Value Measurements	'
	Instrument Type		Unobservable Input		Range		Weighted Average	Fair Value June 30, 2014
	Oil Collars		Oil price volatility curve		0% - 10.30%		6.30%	$	-386,098
	Natural Gas Collars		Natural gas price volatility curve		0% - 18.10%		11.40%	$	-136,915
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		-78,976
	Included in other comprehensive income (loss)		-
	Purchases, issuances and settlements		-686,939
	Transfers in and out of Level 3		-
	Balance of Level 3 as of June 30, 2014	$	-523,013
Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3	'
			Quarter Ended June 30,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment
	Producing Properties (a)		$	-		$	-	$	14,849	$	7,400
			Nine Months Ended June 30,
			2014					2013
			Fair Value			Impairment		Fair Value		Impairment
	Producing Properties (a)		$	628,097		$	430,143	$	356,855	$	225,841
	(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.

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
	Jun. 30, 2014
Acquisitions [Abstract]	'
Summary Of Pro Forma Financial Information	'
		For the Nine Months Ended
		June 30,
		2014		2013
	Revenue:
	As reported	$	56,523,778	$	44,492,866
	Pro forma revenue		16,811,606		14,862,947
	Pro forma	$	73,335,384	$	59,355,813
	Net Income:
	As reported	$	15,703,476	$	8,240,953
	Pro forma income		6,485,185		5,771,157
	Pro forma	$	22,188,661	$	14,012,110

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Taxes [Abstract]	'	'	'	'
Effective tax rate	33.00%	31.00%	32.00%	31.00%

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	0 Months Ended	9 Months Ended
	Jun. 17, 2014	Jun. 30, 2014	Jun. 16, 2014
Line Of Credit Facility [Line Items]	'	'	'
Credit facility maturity	'	30-Nov-18	'
Revolving Credit Facility [Member]	'	'	'
Line Of Credit Facility [Line Items]	'	'	'
Revolving loan credit facility	$200,000,000	'	$80,000,000
Discount rate	'	8.00%	'
Borrowing base of credit facility	130,000,000	'	35,000,000
Properties carrying value	'	163,288,413	'
Debt issuance costs	$542,500	'	'
Effective Interest rate	'	2.58%	'
Annual Non Use Fee Percentage	'	0.25%	'
Revolving Credit Facility [Member] | Minimum [Member] | Prime Rate [Member]	'	'	'
Line Of Credit Facility [Line Items]	'	'	'
Interest rate basis	'	0.38%	'
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]	'	'	'
Line Of Credit Facility [Line Items]	'	'	'
Interest rate basis	'	1.88%	'
Revolving Credit Facility [Member] | Maximum [Member] | Prime Rate [Member]	'	'	'
Line Of Credit Facility [Line Items]	'	'	'
Interest rate basis	'	1.13%	'
Revolving Credit Facility [Member] | 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 $)	0 Months Ended				0 Months Ended
	Dec. 21, 2013	Mar. 29, 2014	Mar. 05, 2014	Mar. 11, 2010	29-May-14	Dec. 21, 2013	Dec. 21, 2013
	Officer [Member]	Non Employee Director [Member]	2010 Stock Plan [Member]	2010 Stock Plan [Member]	Non Performance Based Restricted Stock [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	'	'	'	'	3,918	6,093	18,279
Restricted Stock vesting period	'3 years	'6 months	'	'	'	'	'
Fair value of shares awarded	'	'	'	'	$210,120	$199,788	$294,889

Restricted_Stock_Plan_Summary_

Restricted Stock Plan (Summary Of Pre-Tax Compensation Expense) (Details) (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$237,617	$142,030	$499,791	$541,937
Performance Based Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	76,520	81,822	226,800	263,583
Non Performance Based Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$161,097	$60,208	$272,991	$278,354

Restricted_Stock_Plan_Summary_1

Restricted Stock Plan (Summary Of Unrecognized Compensation Cost) (Details) (USD $)	9 Months Ended
	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost	$715,360
Performance Based Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost	350,815
Weighted Average Period	'1 year 7 months 13 days
Non Performance Based Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost	$364,545
Weighted Average Period	'1 year 3 months 4 days

Oil_NGL_And_Natural_Gas_Reserv1

Oil, NGL And Natural Gas Reserves (Details)	9 Months Ended
	Jun. 30, 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			9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Impairment [Abstract]	'	'		'		'
Impairment	$0	$7,400	[1]	$430,143	[1]	$225,841	[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 $)	Jun. 30, 2014	Jun. 30, 2013
Capitalized Costs [Abstract]	'	'
Cost of Non-Producing Oil and Natural Gas Properties	$888,505	$0

Derivatives_Narrative_Details

Derivatives (Narrative) (Details) (USD $)	Jun. 30, 2014		Sep. 30, 2013
Derivatives [Abstract]	'		'
Net liability	$2,006,229		'
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)	Jun. 30, 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	140,000	80,000
Natural Gas Costless Collars [Member] | Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	'	50,000
Natural Gas Costless Collars [Member] | Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	'	100,000
Natural Gas Costless Collars [Member] | Fixed Price Four [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	'	160,000
Natural Gas Fixed Price Swaps [Member] | Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	140,000	'
Contract price	4.11	'
Natural Gas Fixed Price Swaps [Member] | Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	50,000	'
Contract price	4.2	'
Natural Gas Fixed Price Swaps [Member] | Fixed Price Four [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 Five [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	50,000	100,000
Contract price	4.21	3.505
Natural Gas Fixed Price Swaps [Member] | Fixed Price Six [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	30,000	70,000
Contract price	4.3	3.4
Natural Gas Fixed Price Swaps [Member] | Fixed Price Seven [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	40,000	40,000
Contract price	4.61	3.655
Natural Gas Fixed Price Swaps [Member] | Fixed Price Eight [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Natural Gas	'	100,000
Contract price	'	4.32
Oil Costless Collars [Member] | Fixed Price Eight [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	4,000	'
Oil Costless Collars [Member] | Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	5,000	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 Fixed Price Swaps [Member] | Fixed Price Ten [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	3,000	'
Contract price	94.5	'
Oil Fixed Price Swaps [Member] | Fixed Price Eleven [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	4,000	'
Contract price	95.25	'
Oil Fixed Price Swaps [Member] | Fixed Price Twelve [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	5,000	'
Contract price	94.2	'
Oil Fixed Price Swaps [Member] | Fixed Price Thirteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	6,000	4,000
Contract price	92.85	105.25
Oil Fixed Price Swaps [Member] | Fixed Price Fourteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	4,000	'
Contract price	99.4	'
Oil Fixed Price Swaps [Member] | Fixed Price Fifteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	7,000	'
Contract price	96.8	'
Oil Fixed Price Swaps [Member] | Fixed Price Sixteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	5,000	'
Contract price	97.4	'
Oil Fixed Price Swaps [Member] | Fixed Price Seventeen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	5,000	'
Contract price	94.56	'
Oil Fixed Price Swaps [Member] | Fixed Price Eighteen [Member]	'	'
Derivative [Line Items]	'	'
Production volume covered per month - Oil	7,000	'
Contract price	93.91	'
Minimum [Member] | Natural Gas Costless Collars [Member] | Fixed Price One [Member]	'	'
Derivative [Line Items]	'	'
Contract price	3.75	3.75
Minimum [Member] | Natural Gas Costless Collars [Member] | Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	3.75
Minimum [Member] | Natural Gas Costless Collars [Member] | Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	3.75
Minimum [Member] | Natural Gas Costless Collars [Member] | Fixed Price Four [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	4
Minimum [Member] | Oil Costless Collars [Member] | Fixed Price Eight [Member]	'	'
Derivative [Line Items]	'	'
Contract price	85	'
Minimum [Member] | Oil Costless Collars [Member] | Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Contract price	90	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
Maximum [Member] | Natural Gas Costless Collars [Member] | Fixed Price One [Member]	'	'
Derivative [Line Items]	'	'
Contract price	4.5	4.25
Maximum [Member] | Natural Gas Costless Collars [Member] | Fixed Price Two [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	4.3
Maximum [Member] | Natural Gas Costless Collars [Member] | Fixed Price Three [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	4.05
Maximum [Member] | Natural Gas Costless Collars [Member] | Fixed Price Four [Member]	'	'
Derivative [Line Items]	'	'
Contract price	'	4.55
Maximum [Member] | Oil Costless Collars [Member] | Fixed Price Eight [Member]	'	'
Derivative [Line Items]	'	'
Contract price	100	'
Maximum [Member] | Oil Costless Collars [Member] | Fixed Price Nine [Member]	'	'
Derivative [Line Items]	'	'
Contract price	97	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

Derivatives_Summary_Of_Derivat1

Derivatives (Summary Of Derivative Contracts) (Details) (USD $)	Jun. 30, 2014		Sep. 30, 2013
Derivatives [Abstract]	'		'
Gross amounts recognized - Current Assets	$15,871	[1]	$665,099	[1]
Gross amounts recognized - Current Liabilities	1,959,962	[1]	239,901	[1]
Gross amounts recognized - Non-Current Liabilities	62,138	[1]	'
Net presentation on Condensed Balance - Current Assets	'	[1]	425,198	[1]
Net presentation on Condensed Balance - Current Liabilities	1,944,091	[1]	'	[1]
Net presentation on Condensed Balance - Non-Current Liabilities	$62,138	[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 $)	Jun. 30, 2014
Swap [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	($1,483,216)
Collars [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	-523,013
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)	-1,483,216
Fair Value, Inputs, Level 3 [Member] | Collars [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Financial Assets (Liabilities)	($523,013)

Fair_Value_Measurements_Summar1

Fair Value Measurements (Summary Of Unobservable Inputs For Level 3 Fair Value Measurements) (Details) (USD $)	9 Months Ended
	Jun. 30, 2014
Oil Costless Collars [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Unobservable Input	'Oil price volatility curve
Weighted Average	6.30%
Fair Value	($386,098)
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	10.30%
Natural Gas Costless Collars [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Unobservable Input	'Natural gas price volatility curve
Weighted Average	11.40%
Fair Value	($136,915)
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	18.10%

Fair_Value_Measurements_Summar2

Fair Value Measurements (Summary Of Reconciliation Of Assets Classified As Level 3 Measurements) (Details) (USD $)	9 Months Ended
	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Balance of Level 3 as of October 1, 2013	$242,902
Total gains or (losses) included in earnings	-78,976
Total gains or (losses) included in other comprehensive income (loss)	'
Purchases, issuances and settlements	-686,939
Transfers in and out of Level 3	'
Balance of Level 3 as of June 30, 2014	($523,013)

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			9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Fair Value Measurements [Abstract]	'	'		'		'
Producing Properties, Fair Value	'	$14,849	[1]	$628,097	[1]	$356,855	[1]
Producing Properties, Impairment	$0	$7,400	[1]	$430,143	[1]	$225,841	[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.

Acquisitions_Narrative_Details

Acquisitions (Narrative) (Details) (USD $)	3 Months Ended	9 Months Ended		0 Months Ended	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 17, 2014	Jun. 17, 2014	Jun. 30, 2014	Jun. 17, 2014	Jun. 17, 2014
			item	Eagle Ford Shale [Member]	Eagle Ford Shale [Member]	Pearsall [Member]	Buda [Member]
				acre		item	item
				item
Acquisitions (Textual) [Abstract]	'	'	'	'	'	'	'
Date of business acquisition	'	'	'	'	17-Jun-14	'	'
Acquired average working interest	'	'	'	16.00%	'	'	'
Number of gross acres	'	'	'	11,100	'	'	'
Number of net acres	'	'	'	1,775	'	'	'
Producing non-operated natural gas wells	'	'	63	57	'	5	1
Undeveloped locations	'	'	'	109	'	'	'
Purchase price business acquisition	'	'	'	$81,700,000	'	'	'
Revenues attributable	1,011,909	1,011,909	'	'	'	'	'
Net income attributable	$388,128	$388,128	'	'	'	'	'

Acquisitions_Summary_of_Pro_Fo

Acquisitions (Summary of Pro Forma Financial Information) (Details) (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue:	'	'	'	'
Revenue as reported	$18,374,977	$17,730,445	$56,523,778	$44,492,866
Pro forma revenue	'	'	16,811,606	14,862,947
Pro forma	'	'	73,335,384	59,355,813
Net Income:	'	'	'	'
Net income as reported	5,122,585	5,070,168	15,703,476	8,240,953
Pro forma income	'	'	6,485,185	5,771,157
Pro forma	'	'	$22,188,661	$14,012,110