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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Nov. 04, 2016
Document and Entity Information
Entity Registrant Name	EVOLUTION PETROLEUM CORP
Entity Central Index Key	0001006655
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		33,045,515

Consolidated Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 28,236,711	$ 34,077,060
Receivables	2,518,470	2,638,188
Deferred tax asset	0	105,321
Derivative assets, net	0	14,132
Prepaid expenses and other current assets	273,114	251,749
Total current assets	31,028,295	37,086,450
Oil and natural gas property and equipment, net (full-cost method of accounting)	61,451,021	59,970,463
Other property and equipment, net	50,585	28,649
Total property and equipment	61,501,606	59,999,112
Other assets	348,014	365,489
Total assets	92,877,915	97,451,051
Current liabilities
Accounts payable	2,509,041	5,809,107
Preferred shares called for redemption	7,932,975	0
Accrued liabilities and other	839,313	2,097,951
State and federal income taxes payable	97,078	621,850
Total current liabilities	11,378,407	8,528,908
Long term liabilities
Deferred income taxes	12,444,045	11,840,693
Asset retirement obligations	772,175	760,300
Total liabilities	24,594,627	21,129,901
Commitments and contingencies (Note 15)
Stockholders’ equity
Preferred stock, par value $0.001; 5,000,000 shares authorized:8.5% Series A Cumulative Preferred Stock, 1,000,000 shares designated, 317,319 shares issued and outstanding at September 30, 2016 and June 30, 2016; with a liquidation preference of $7,932,975; called for redemption at September 30, 2016 (Note 8)	0	317
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,045,515 shares and 32,907,863 as of September 30, 2016 and June 30, 2016, respectively	33,045	32,907
Additional paid-in capital	40,222,825	47,171,563
Retained earnings	28,027,418	29,116,363
Total stockholders’ equity	68,283,288	76,321,150
Total liabilities and stockholders’ equity	$ 92,877,915	$ 97,451,051

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016
Preferred stock, liquidation preference (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	33,045,515	32,907,863
Common stock, shares issued	33,045,515	32,907,863
Series A Cumulative Preferred Stock
Preferred stock, shares authorized	1,000,000	1,000,000
Cumulative Preferred Stock (as a percent)	8.50%	8.50%
Preferred stock, shares issued	317,319	317,319
Preferred stock, shares outstanding	317,319	317,319
Preferred stock, total liquidation preference (in dollars)	$ 7,932,975	$ 7,932,975

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)

3 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Revenues

Total revenues

$ 7,593,940

$ 7,379,406

Operating costs

Production costs

2,344,641

2,608,579

Depreciation, depletion and amortization

1,273,439

1,218,273

Accretion of discount on asset retirement obligations

13,224

11,343

General and administrative expenses

^[1]

1,235,043

1,684,845

Total operating costs

4,866,347

5,532,908

Income from operations

2,727,593

1,846,498

Other

Gain on realized derivative instruments, net

866,427

Gain (loss) on unrealized derivative instruments, net

(14,132)

1,071,962

Delhi field insurance recovery related to pre-reversion event

1,074,957

Interest and other income

12,745

5,812

Interest expense

(20,345)

(18,460)

Income before income taxes

2,705,951

4,847,196

Income tax provision

889,176

1,754,969

Net income attributable to the Company

1,816,775

3,092,227

Dividends on preferred stock

250,990

168,575

Deemed dividend on preferred shares called for redemption

1,002,440

Net income available to common stockholders

$ 563,345

$ 2,923,652

Earnings per common share

Basic (in dollars per share)

$ 0.02

$ 0.09

Diluted (in dollars per share)

$ 0.02

$ 0.09

Weighted average number of common shares

Basic (in shares)

32,957,010

32,718,244

Diluted (in shares)

33,007,599

32,774,176

Crude oil

Revenues

Total revenues

$ 7,593,855

$ 7,325,813

Revenues

1,050

Revenues

(4)

704

Artificial lift technology services

Revenues

Total revenues

51,839

Operating costs

Production costs

$ 0

$ 9,868

[1]	General and administrative expenses for the three months ended September 30, 2016 and 2015 included non-cash stock-based compensation expense of $311,688 and $218,115, respectively.

Consolidated Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation expense	$ 311,688	$ 218,115
General and administrative expenses
Stock-based compensation expense	$ 311,688	$ 218,115

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income attributable to the Company	$ 1,816,775	$ 3,092,227
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,287,523	1,230,432
Stock-based compensation	311,688	218,115
Accretion of discount on asset retirement obligations	13,224	11,343
Settlements of asset retirement obligations	(15,899)	0
Deferred income taxes	708,673	(12,568)
(Gain) loss on derivative instruments, net	14,042	(1,938,389)
Write-off of deferred loan costs	0	50,414
Changes in operating assets and liabilities:
Receivables	119,808	757,617
Prepaid expenses and other current assets	(21,365)	47,815
Accounts payable and accrued expenses	(2,235,240)	(1,563,847)
Income taxes payable	(524,772)	343,704
Net cash provided by operating activities	1,474,457	2,236,863
Cash flows from investing activities
Derivative settlement payments (paid) received	(318,708)	551,772
Capital expenditures for oil and natural gas properties	(4,818,816)	(6,571,757)
Capital expenditures for other property and equipment	(26,347)	0
Other assets	0	(23,802)
Net cash used in investing activities	(5,163,871)	(6,043,787)
Cash flows from financing activities
Cash dividends to preferred stockholders	(168,575)	(168,575)
Cash dividends to common stockholders	(1,652,290)	(1,629,703)
Common share repurchases, including shares surrendered for tax withholding	(330,070)	(1,175,920)
Tax benefits related to stock-based compensation	0	2,980,832
Other	0	(1,276)
Net cash (used) provided by financing activities	(2,150,935)	5,358
Net decrease in cash and cash equivalents	(5,840,349)	(3,801,566)
Cash and cash equivalents, beginning of period	34,077,060	20,118,757
Cash and cash equivalents, end of period	28,236,711	16,317,191
Supplemental disclosures of cash flow information:
Income taxes paid	787,366	0
Louisiana carryback income tax refund and related interest received	0	1,556,999
Non-cash transactions:
Change in accounts payable used to acquire property and equipment	(2,030,485)	(4,072,935)
Accrued redemption of called preferred shares	7,932,975	0
Accrued preferred dividends through redemption date	82,415	0
Deferred loan costs charged to oil and gas property costs	0	108,472
Settlement of accrued treasury stock purchases	$ 0	$ (170,283)

Consolidated Condensed Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Sep. 30, 2016 - USD ($)	Total	Preferred	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance at Jun. 30, 2016	$ 76,321,150	$ 317	$ 32,907	$ 47,171,563	$ 29,116,363	$ 0
Balance (in shares), beginning at Jun. 30, 2016	32,907,863	317,319	32,907,863
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (shares)			195,799
Issuance of restricted common stock	$ 0		$ 196	(196)
Common share repurchases, including shares surrendered for tax withholding (shares)			(58,147)
Common share repurchases, including shares surrendered for tax withholding	(330,070)					(330,070)
Retirements of treasury stock			$ (58)	(330,012)		330,070
Stock-based compensation	311,688			311,688
Accrued redemption of preferred shares	(7,932,975)	$ (317)		(6,930,218)	(1,002,440)
Accrued dividends on preferred stock through redemption date	(82,415)				(82,415)
Net income attributable to the Company	1,816,775				1,816,775
Common stock cash dividends	(1,652,290)				(1,652,290)
Preferred stock cash dividends	$ (168,575)				(168,575)
Balance (in shares), ending at Sep. 30, 2016	33,045,515	317,319	33,045,515
Ending Balance at Sep. 30, 2016	$ 68,283,288	$ 0	$ 33,045	$ 40,222,825	$ 28,027,418	$ 0

Organization and Basis of Preparation	3 Months Ended
Organization and Basis of Preparation	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation ("EPM") and its subsidiaries (the "Company", "we", "our" or "us"), is an independent petroleum company headquartered in Houston, Texas and incorporated under the laws of the State of Nevada. We are engaged primarily in the development of oil and gas reserves within known oil and gas resources utilizing conventional and proprietary technology. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K for the fiscal year ended June 30, 2016, as filed with the SEC. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year include certain reclassifications that were made to conform to the current presentation. Such reclassifications have no impact on previously reported net income or stockholders' equity. As a result of the separation of our artificial lift technology operations at December 31, 2015, previously reported revenues for the Delhi field and our artificial lift technology operations have been reclassified as appropriate to crude oil, natural gas liquids, natural gas and artificial lift technology service revenues. Before the reclassification, artificial lift technology revenues included crude oil, natural gas liquids and gas revenues produced by certain of the Company’s operated wells which used our artificial lift technology, together with service revenues derived from the use of the Company’s technology on third party wells. Previously reported production costs for our artificial lift technology operations have been reclassified as appropriate to oil and gas production costs and cost of artificial lift technology services. Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. New Accounting Pronouncements. In August 2015, the FASB issued Accounting Standards Update 2015-14, which defers the effective date of ASU 2014-09 Revenue from Contracts with Customers (Topic 606) (" ASU 2014-09") one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. Issued in May 2014, ASU 2014-09 provided guidance on revenue recognition on contracts with customers to transfer goods or services or on contracts for the transfer of nonfinancial assets. ASU 2014-09 requires that revenue recognition on contracts with customers depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public companies, ASU 2014-09 would have been effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standard provided for either the retrospective or cumulative effect transition method. The Company is currently assessing the impact of the adoption of ASU 2014-09 will have on its consolidated financial statements, if any. On February 25, 2016, the FASB issued ASU 2016-02 , Leases (“ASU 2016-02”), which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. New Accounting Pronouncements Adopted. The Company early adopted ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, to be applied prospectively effective for the three months ended September 30, 2016. This amended guidance simplifies the statement of financial position presentation and reduces complexity in accounting for deferred income tax assets and liabilities. The update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. As a result current deferred tax assets of $105,321 have been netted together with noncurrent deferred income tax liabilities on the September 30, 2016 consolidated condensed balance sheet. The prior period presented has not been retrospectively adjusted. The Company early adopted ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, effective for the three months ended September 30, 2016. This amended guidance simplifies and improves several aspects of the accounting for employee share-based payment transactions. Under previous guidance excess tax benefits were recognized as paid in capital to the extent they reduced cash taxes otherwise payable, and tax deficiencies were recognized as an offset to accumulated excess benefits, if any, or in the statement of operations. The new guidance requires companies to record excess tax benefits and tax deficiencies as income tax benefit or expense in the statements of operations when the awards vest or are settled. Under the required modified retrospective transition, the Company had no cumulative-effect adjustment to retained earnings at the beginning of the period of adoption, as its accumulated excess tax benefits had been completely used in reducing taxable income for the year ended June 30, 2016. For vestings which occurred in the first quarter ended September 30, 2016, a related tax deficiency of $215,594 was recognized in income tax expense. The Company also elected to prospectively adopt the presentation of excess tax benefits in the operating section of the statements of cash flow. Accordingly, such statements for pre-adoption periods will continue to present excess tax benefits in the financing section. The amended guidance permits entities to make an accounting policy election related to how forfeitures will impact the recognition of compensation cost for stock-based compensation: to continue to estimate the total number of awards for which the requisite service period will not be rendered as currently required or, to be applied on a modified retrospective basis, to account for forfeitures as they occur. Upon early adoption, the Company elected to change its accounting policy to account for forfeitures as they occur. Except for income tax expense mentioned above, none of the other provisions in this amended guidance had a material impact on our condensed consolidated financial statements.

Receivables

3 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Receivables

As of September 30, 2016 and June 30, 2016, our receivables consisted of the following:



	September 30, 2016		June 30, 2016
Receivables from oil and gas sales	$	2,514,990	$	2,637,593
Receivable from settled derivatives	90		—
Other	3,390		595
Total receivables	$	2,518,470	$	2,638,188

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Prepaid Expenses and Other Current Assets

3 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

As of September 30, 2016 and June 30, 2016, our prepaid expenses and other current assets consisted of the following:



	September 30, 2016		June 30, 2016
Prepaid insurance	$	111,927	$	168,681
Retainers and deposits	30,568		30,568
Prepaid federal and state income taxes	82,091		—
Other prepaid expenses	48,528		52,500
Prepaid expenses and other current assets	$	273,114	$	251,749

Property and Equipment

3 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

As of September 30, 2016 and June 30, 2016, our oil and natural gas properties and other property and equipment consisted of the following:



	September 30, 2016			June 30, 2016
Oil and natural gas properties
Property costs subject to amortization	$	80,196,684		$	77,408,353
Less: Accumulated depreciation, depletion, and amortization	(18,745,663		)	(17,437,890		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	61,451,021		$	59,970,463
Other property and equipment
Furniture, fixtures and office equipment, at cost	$	255,099		$	228,752
Artificial lift technology equipment, at cost	7,000			7,000
Less: Accumulated depreciation	(211,514		)	(207,103		)
Other property and equipment, net	$	50,585		$	28,649

During the three months ended September 30, 2016, the Company incurred capital expenditures of $2.8 million for the Delhi field, including approximately $2.4 million for the NGL plant project which is currently in progress. We have incurred approximately $23.9 million on a cumulative basis for the NGL plant out of a total authorized commitment of $24.6 million.

Other Assets

3 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

As of September 30, 2016 and June 30, 2016, other assets consisted of the following:



	September 30, 2016			June 30, 2016
Royalty rights	$	108,512		$	108,512
Less: Accumulated amortization of royalty rights	(10,173		)	(6,782		)
Investment in Well Lift Inc., at cost	108,750			108,750
Deferred loan costs	168,972			168,972
Less: Accumulated amortization of deferred loan costs	(28,047		)	(13,963		)
Other assets, net	$	348,014		$	365,489

The Company accounts for its investment in Well Lift Inc. using the cost method under which any return of capital reduces cost and any dividends paid are recorded as income. Investment value will be evaluated for impairment at least quarterly or when management identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment. There is no published market value for this private investment, so it is not practicable to value it at fair market value on a periodic basis.

Accrued Liabilities and Other

3 Months Ended

Sep. 30, 2016

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other

As of September 30, 2016 and June 30, 2016, our other current liabilities consisted of the following:



	September 30, 2016		June 30, 2016
Accrued incentive and other compensation	$	161,408	$	999,172
Asset retirement obligations due within one year	145,209		201,896
Accrued royalties, including suspended accounts	43,679		49,580
Accrued franchise taxes	36,900		62,834
Accrued restructuring costs	316,625		419,488
Payables for settled derivatives	—		318,708
Dividends declared on preferred shares	82,415		—
Other accrued liabilities	53,077		46,273
Accrued liabilities and other	$	839,313	$	2,097,951

Accrued Restructuring Costs

On December 31, 2015 we terminated three employees of the Company in connection with the separation of our artificial lift technology operations. We recorded a personnel restructuring charge of $688,205, consisting of $59,339 in stock-based compensation from accelerated vesting of equity awards and $628,866 of accrued salary and benefit continuation expenses. The separation agreements included releases from liabilities and other provisions including agreements not to compete. Our current estimate of remaining restructuring obligations as of September 30, 2016 is as follows:



Type of Cost	December 31, 2015		Payments			September 30, 2016
Salary expense	$	530,387	$	(265,193	)	$	265,194
Payroll taxes and benefits expense	98,479		(47,048		)	51,431
Accrued liability for restructuring costs	$	628,866	$	(312,241	)	$	316,625

Asset Retirement Obligations

3 Months Ended

Sep. 30, 2016

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and

remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following is a

reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2016 and for the year ended June 30, 2016:



	September 30, 2016			June 30, 2016
Asset retirement obligations — beginning of period	$	962,196		$	772,990
Liabilities incurred	—			28,505
Liabilities settled	(10,219		)	—
Liabilities sold (a)	(47,817		)	—
Accretion of discount	13,224			49,054
Revision of previous estimates	—			111,647
Asset retirement obligations — end of period	$	917,384		$	962,196
Less current portion in accrued liabilities (b)	(145,209		)	(201,896		)
Long-term portion of asset retirement obligations	$	772,175		$	760,300

(a) We conveyed our interest in a well to the previous operator in exchange for the assumption of our asset retirement obligation.

(b) We expect to retire our three remaining operated wells within the next twelve months. After such operations are completed, our asset retirement obligations will consist entirely of our working interest obligations in the Delhi field.

Stockholders' Equity

3 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Commencing in December 2013, the Board of Directors initiated a quarterly cash dividend on our common stock at a quarterly rate of $0.10 per share and subsequently adjusted this rate to $0.05 per share during the quarter ended March 31, 2015. During the three months ended September 30, 2016, the Company declared one quarterly dividend on its common stock and paid $1,652,290 to its common stockholders.

On May 12, 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Since commencing in June 2015, 265,762 shares have been repurchased at an average price of $6.05 per share (totaling $1,609,008). There has been no shares repurchased in the open market since mid-December 2015. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. Such shares are initially recorded as treasury stock, then subsequently canceled. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and it may be suspended or discontinued at any time.

During the three months ended September 30, 2016, the Company acquired 58,147 shares of treasury stock at an average cost of $5.68 per share (totaling $330,070) from holders of newly vested stock-based awards to fund the recipients' payroll taxes paid in the quarter. The treasury shares were subsequently canceled.

During the three months ended September 30, 2015, the Company purchased 173,790 shares of treasury stock at an average cost of $5.75 per share (totaling $999,731) under its share repurchase program and also acquired 1,073 shares of treasury stock at an average cost of $5.50 per share (totaling $5,906) from holders of newly vested stock-based awards to fund the recipients' payroll taxes paid in the quarter. All treasury shares were subsequently canceled.

Series A Cumulative Perpetual Preferred Stock Called for Redemption

On September 30, 2016, the Company declared the preferred dividend for the month of October 2016 and elected to redeem all 317,319 outstanding shares of the Company’s 8.5% Series A Cumulative (perpetual) Preferred Stock. The redemption will occur on November 14, 2016 at the issue's $25.00 per share liquidation value plus all accumulated and unpaid distributions from October 31, 2016 (the last dividend payment date before the redemption date) through the redemption date, for an aggregate redemption price of approximately $25.082639 per share:



Consideration to preferred shareholders upon redemption at liquidation preference	$	7,932,975
Accrued and unpaid dividends (1)	$	82,415
Deemed dividend (2)	$	1,002,440

(1) Includes the monthly dividend for October 2016 declared by the Company.

(2) Represents the difference between the redemption consideration and the historical carrying value of the preferred shares. Accordingly, net income was adjusted for this deemed dividend to determine net income attributable to common shareholders and earnings per common share.

The Series A Cumulative Preferred Stock cannot be converted into our common stock and there are no sinking fund or redemption rights available to the holders thereof. With respect to dividend rights and rights upon our liquidation, winding-up or dissolution, the Series A Preferred Stock ranks senior to our common stockholders, but subordinate to any of our existing and future debt. Dividends on the Series A Cumulative Preferred Stock accrue and accumulate at a fixed rate of 8.5% per annum on the $25.00 per share liquidation preference, payable monthly at $0.177083 per share, as, if and when declared by our Board of Directors through its Dividend Committee. We paid dividends of $168,575 to holders of our Series A Preferred Stock during each of the three months ended September 30, 2016 and 2015.

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2016, we expect all preferred and common dividends to be treated for tax purposes as qualified dividend income to recipients. Based on our current projections for the fiscal year ending June 30, 2017, we expect all common and remaining preferred dividends for such period will be treated as qualified dividend income.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Glossary Preferred Stock
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+ Details

Stock-Based Incentive Plan

3 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Incentive Plan

Under the terms of the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the "Plan"), we have granted option awards to purchase common stock (the "Stock Options"), restricted common stock awards ("Restricted Stock"), contingent restricted common stock awards ("Contingent Restricted Stock") and/or unrestricted fully vested common stock, to employees, directors, and consultants of the Company. The Plan authorizes the issuance of 6,500,000 shares of common stock prior to its expiration on October 24, 2017. As of September 30, 2016, 64,236 shares remain available for grant under the Plan.

Stock Options

No Stock Options have been granted since August 2008 and all compensation costs attributable to Stock Options have been recognized in prior periods. The following summary presents information regarding outstanding Stock Options as of September 30, 2016, and the changes during the period:



	Number of Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Weighted Average Remaining Contractual Term (in years)
Stock Options outstanding at July 1, 2016	35,231	$	2.19
Exercised	—	—
Expired	—	—
Stock Options outstanding at September 30, 2016	35,231	2.19		$	144,095	0.9
Vested and exercisable at September 30, 2016	35,231	$	2.19	$	144,095	0.9

(1) Based upon the difference between the market price of our common stock on the last trading date of the period ($6.28 as of September 30, 2016) and the Stock Option exercise price of in-the-money Stock Options.

Restricted Stock and Contingent Restricted Stock

Prior to August 28, 2014, all Restricted Stock grants contained a four-year vesting period based solely on service. Restricted Stock which vests based solely on service is valued at the fair market value on the date of grant and amortized over the service period.

In August 2014, December 2015 and September 2016, the Company awarded grants of both Restricted Stock and Contingent Restricted Stock as part of its long-term incentive plan. Such grants, which expire after four years if unvested, contain service-based, performance-based and market-based vesting provisions. The common shares underlying the Restricted Stock grants were issued on the date of grant, whereas the Contingent Restricted Stock are reserved from the Plan, but will be issued only upon the attainment of specified performance-based or market-based vesting provisions.

Performance-based grants vest upon the attainment of earnings, revenue and other operational goals and require that the recipient remain an employee of the Company through the vesting date. The Company recognizes compensation expense for performance-based awards ratably over the expected vesting period based on the grant date fair value when it is deemed probable, for accounting purposes, that the performance criteria will be achieved. The expected vesting period may be deemed to be shorter than the four-year term. As of September 30, 2016, certain performance-based awards were not considered probable of vesting for accounting purposes and no compensation expense has been recognized with regard to these awards. If these awards are later determined to be probable of vesting, cumulative compensation expense will be recorded at that time and amortization would continue over the remaining expected vesting period.

Market-based awards granted in 2014 and 2015 entitle employees to vest in a fixed number of shares when the three-year trailing total return on the Company’s common stock exceeds the corresponding total returns of various quartiles of companies comprising the SIG Exploration and Production Index (NASDAQ EPX) during defined measurement periods. Market-based awards granted in 2016 entitle employees to vest in a fixed number of shares when the three-year trailing total return on the Company’s common stock exceeds the corresponding total returns of various quartiles of an index consisting of designated peer companies during defined measurement periods. The fair value and expected vesting period of these awards were determined using a Monte Carlo simulation based on the historical volatility of the Company's total return compared to the historical volatilities of the other companies in the index. During the three months ended September 30, 2016, we granted market-based awards with grant date fair values ranging from $3.42 to $5.62 per share, all with an expected vesting period of 2.83 years, based on the various quartiles of comparative market performance. During the fiscal year ended June 30, 2016, we granted market-based awards with grant date fair values ranging from $2.93 to $5.07 per share, all with an expected vesting period of 3.83 years, based on the various quartiles of comparative market performance. During the fiscal year ended June 30, 2015, we granted market-based awards with grant date fair values ranging from $4.26 to $8.40 per share and with expected vesting periods of 3.30 years to 2.55 years, based on the various quartiles of comparative market performance. Compensation expense for market-based awards is recognized over the expected vesting period using the straight-line method, so long as the award holder remains an employee of the Company. Total compensation expense is based on the fair value of the awards at the date of grant and is independent of vesting or expiration of the awards, except for termination of service.

Unvested Restricted Stock awards at September 30, 2016 consisted of the following:



Award Type	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	252,167	6.64
Performance-based awards	54,475	5.67
Market-based awards	147,729	5.48
Unvested at September 30, 2016	454,371	$	6.15

The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2016:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2016		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2016	406,848		$	6.74
Service-based shares granted	54,473		5.67
Performance-based shares granted	54,475		5.67
Market-based shares granted	54,475		5.44
Vested	(115,900	)	7.44
Forfeited	—		—
Unvested at September 30, 2016	454,371		$	6.15	$	2,152,183	2.8

Unvested Contingent Restricted Stock awards at September 30, 2016 consisted of the following:



Award Type	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value
Performance-based awards	39,403	$	7.02
Market-based awards	73,867	3.37
Unvested at September 30, 2016	113,270	$	4.64

The following table sets forth Contingent Restricted Stock transactions for the three months ended September 30, 2016:



	Number of Contingent Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2016 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2016	91,172		$	5.21
Performance-based awards granted	27,237		5.67
Market-based awards granted	27,237		3.42
Vested	(32,376	)	6.09
Unvested at September 30, 2016	113,270		$	4.64	$	186,703	2.7

(1) Excludes $276,702 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended September 30, 2016 and 2015 was $311,688 and $218,115, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Derivatives	3 Months Ended
Derivatives	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives In early June 2015, the Company began using derivative instruments to reduce its exposure to crude oil price volatility for a substantial portion of its near-term forecasted production. The Company's objectives for this program were to achieve a more predictable level of cash flows to support the Company’s capital expenditure program and to provide better financial visibility for the payment of dividends on common stock. The Company uses both fixed price swap agreements and costless collars to manage its exposure to crude oil price risk. While these derivative instruments are intended to limit the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. The Company does not intend to enter into derivative instruments for speculative or trading purposes. The Company accounts for derivatives under the provisions of ASC 815 Derivatives and Hedging ("ASC 815") under which the Company records the fair value of the instruments on the balance sheet at each reporting date, with changes in fair value recognized in income. Given cost and complexity considerations, the Company did not elect to use cash flow hedge accounting provided under ASC 815. Under cash flow hedge accounting, the effective portion of the change in fair value of the derivative instruments would be deferred in other comprehensive income and not recognized in earnings until the underlying hedged item impacts earnings. These derivative instruments can result in both fair value asset and liability positions held with each counterparty. These positions are offset to a single net fair value asset or liability at the end of each reporting period. The Company nets its fair value amounts of derivative instruments executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The Company monitors the credit rating of its counterparties and believes it does not have significant credit risk. Accordingly, we do not currently require our counterparties to post collateral to support the net asset positions of our derivative instruments. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties to its derivative instruments. The Company held no crude oil derivative instruments as of September 30, 2016 and has not subsequently acquired any crude oil derivative positions. For the three months ended September 30, 2016, the Company recorded in the consolidated statement of operations a loss on derivative instruments of $14,042 consisting of a realized gain of $90 on settled derivatives and an unrealized net loss of $14,132 on unsettled derivatives. For the three months ended September 30, 2015, the Company recorded in the consolidated statement of operations a gain on derivative instruments of $1,938,389 consisting of a realized gain of $866,427 on settled derivatives and an unrealized net loss of $1,071,962 on unrealized derivatives.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2—Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. The fair values of the Company’s derivative assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The fair values are also compared to the values provided by the counterparty for reasonableness and are adjusted for the counterparty's credit quality for derivative assets and the Company’s credit quality for derivative liabilities. To date, adjustments for credit quality have not had a material impact on the fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits nor any accrued interest or penalties associated with unrecognized tax benefits during the three months ended September 30, 2016. We believe we have appropriate support for the income tax positions taken and to be taken on our tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of various factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the years ended June 30, 2013 through June 30, 2015 for federal tax purposes and for the years ended June 30, 2011 through June 30, 2015 for state tax purposes. To the extent we utilize net operating losses generated in earlier years, such earlier years may also be subject to audit. We recognized income tax expense of $889,176 and $1,754,969 for the three months ended September 30, 2016 and 2015, respectively, with corresponding effective rates of 33% and 36%. Our effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the State of Louisiana, and differences related to percentage depletion in excess of basis, stock-based compensation and other permanent differences. The lower effective tax rate for the three months ended September 30, 2016 resulted primarily from percentage depletion in excess of basis, partially offset by state income taxes and the tax effects of stock-based compensation.

Net Income Per Share

3 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Net Income Per Share

The following table sets forth the computation of basic and diluted income per share:



	Three Months Ended September 30,
	2016		2015
Numerator
Net income available to common shareholders	$	563,345	$	2,923,652
Denominator
Weighted average number of common shares — Basic	32,957,010		32,718,244
Effect of dilutive securities:
Contingent restricted stock grants	28,845		6,788
Stock options	21,744		49,144
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	33,007,599		32,774,176

Net income per common share — Basic	$	0.02	$	0.09
Net income per common share — Diluted	$	0.02	$	0.09

Outstanding potentially dilutive securities as of September 30, 2016 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		At September 30, 2016
Contingent Restricted Stock grants (a)	$	—	113,270
Stock Options	2.19		35,231
	$	0.52	148,501

Outstanding potentially dilutive securities as of September 30, 2015 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		At September 30, 2015
Contingent Restricted Stock grants (a)	$	—	17,961
Stock Options	2.40		85,231
	$	1.98	103,192

(a) Contingent Restricted Stock grants for which vesting is not considered probable for accounting purposes are excluded from potentially dilutive securities outstanding.

Senior Secured Credit Agreement	3 Months Ended
Senior Secured Credit Agreement	Sep. 30, 2016
Debt Disclosure [Abstract]
Senior Secured Credit Agreement	Senior Secured Credit Agreement On April 11, 2016, the Company entered into a new three-year, senior secured reserve-based credit facility ("Facility") in an amount up to $50 million. The Facility replaces the Company's previous unsecured credit facility which expired in April 2016. The initial borrowing base under the Facility was set at $10,000,000. As of September 30, 2016, the Company was in compliance with all covenants contained in the Facility, and no amounts were outstanding under the Facility. Proceeds from the Facility may be used for the acquisition and development of oil and gas properties and for letters of credit and other general corporate purposes. Availability of borrowings under the Facility is subject to semi-annual borrowing base redeterminations. The Facility included a placement fee of 0.50% on the initial borrowing base, amounting to $50,000, and carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Facility will bear interest, at the Company’s option, at either Libor plus 2.75% or the Prime Rate, as defined, plus 1.00%. The Facility contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (a) a maximum total leverage ratio of not more than 3.00 to 1.00, (b) a debt service coverage ratio of not less than 1.10 to 1.00, and (c) a consolidated tangible net worth of not less than $40 million, all as defined under the Facility. In connection with this agreement, the Company incurred $168,972 of debt issuance costs. Such costs were capitalized in Other Assets and are being amortized to expense. The unamortized balance in debt issuance costs related to the Facility was $140,925 as of September 30, 2016.

Commitments and Contingencies

3 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We are subject to various claims and contingencies in the normal course of business. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. At a minimum we disclose such matters if we believe it is reasonably possible that a future event or events will confirm a loss through impairment of an asset or the incurrence of a liability. We accrue a loss if we believe it is probable that a future event or events will confirm a loss and we can reasonably estimate such loss and we do not accrue future legal costs related to that loss. Furthermore, we will disclose any matter that is unasserted if we consider it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable. We expense legal defense costs as they are incurred.

On December 3, 2013, our wholly owned subsidiary, NGS Sub Corp., was served with a lawsuit filed in the 8th Judicial District Court of Winn Parish, Louisiana by Cecil M. Brooks and Brandon Hawkins, residents of Louisiana, alleging that in 2006 a former subsidiary of NGS Sub Corp. improperly disposed of water from an off-lease well into a well located on the plaintiffs’ lands in Winn Parish. The plaintiffs requested monetary damages and other relief. NGS Sub Corp. divested its ownership of the property in question along with its ownership of the subsidiary in 2008 to a third party. The district court granted our exception of no right of action and dismissed certain claims against NGS Sub Corp. The plaintiffs subsequently filed an amended petition naming NGS Sub Corp. and the Company as defendants. NGS Sub Corp. and the Company have denied the plaintiffs’ claims. Various pretrial motions filed on behalf of multiple parties were recently decided by the court and discovery is in process. We will continue to vigorously defend all claims by plaintiffs and consider the likelihood of a material loss to the Company in this matter to be remote.

Lease Commitments. We have a non-cancelable operating lease for office space that expires on May 31, 2019. Future minimum lease commitments as of September 30, 2016 under this operating lease are as follows:



Twelve months ended September 30,
2017	$	73,073
2018	$	73,073
2019	$	66,984

Rent expense for the three months ended September 30, 2016 and 2015 was $34,856 and $45,043, respectively.

Capital Expenditures. See Note 4 for discussion of capital projects in progress and expected remaining capital commitments.

Subsequent Event Subsequent Event	3 Months Ended
Subsequent Event Subsequent Event	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On November 7, 2016, the Company announced that its Board of Directors increased the quarterly cash dividend to common shareholders to $0.065 per share. The dividend will payable on December 30, 2016 to shareholders of record as of the close of business on December 15, 2016.

Organization and Basis of Preparation (Policies)	3 Months Ended
Organization and Basis of Preparation (Policies)	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year include certain reclassifications that were made to conform to the current presentation. Such reclassifications have no impact on previously reported net income or stockholders' equity. As a result of the separation of our artificial lift technology operations at December 31, 2015, previously reported revenues for the Delhi field and our artificial lift technology operations have been reclassified as appropriate to crude oil, natural gas liquids, natural gas and artificial lift technology service revenues. Before the reclassification, artificial lift technology revenues included crude oil, natural gas liquids and gas revenues produced by certain of the Company’s operated wells which used our artificial lift technology, together with service revenues derived from the use of the Company’s technology on third party wells. Previously reported production costs for our artificial lift technology operations have been reclassified as appropriate to oil and gas production costs and cost of artificial lift technology services.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements. In August 2015, the FASB issued Accounting Standards Update 2015-14, which defers the effective date of ASU 2014-09 Revenue from Contracts with Customers (Topic 606) (" ASU 2014-09") one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. Issued in May 2014, ASU 2014-09 provided guidance on revenue recognition on contracts with customers to transfer goods or services or on contracts for the transfer of nonfinancial assets. ASU 2014-09 requires that revenue recognition on contracts with customers depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public companies, ASU 2014-09 would have been effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standard provided for either the retrospective or cumulative effect transition method. The Company is currently assessing the impact of the adoption of ASU 2014-09 will have on its consolidated financial statements, if any. On February 25, 2016, the FASB issued ASU 2016-02 , Leases (“ASU 2016-02”), which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. New Accounting Pronouncements Adopted. The Company early adopted ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, to be applied prospectively effective for the three months ended September 30, 2016. This amended guidance simplifies the statement of financial position presentation and reduces complexity in accounting for deferred income tax assets and liabilities. The update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. As a result current deferred tax assets of $105,321 have been netted together with noncurrent deferred income tax liabilities on the September 30, 2016 consolidated condensed balance sheet. The prior period presented has not been retrospectively adjusted. The Company early adopted ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, effective for the three months ended September 30, 2016. This amended guidance simplifies and improves several aspects of the accounting for employee share-based payment transactions. Under previous guidance excess tax benefits were recognized as paid in capital to the extent they reduced cash taxes otherwise payable, and tax deficiencies were recognized as an offset to accumulated excess benefits, if any, or in the statement of operations. The new guidance requires companies to record excess tax benefits and tax deficiencies as income tax benefit or expense in the statements of operations when the awards vest or are settled. Under the required modified retrospective transition, the Company had no cumulative-effect adjustment to retained earnings at the beginning of the period of adoption, as its accumulated excess tax benefits had been completely used in reducing taxable income for the year ended June 30, 2016. For vestings which occurred in the first quarter ended September 30, 2016, a related tax deficiency of $215,594 was recognized in income tax expense. The Company also elected to prospectively adopt the presentation of excess tax benefits in the operating section of the statements of cash flow. Accordingly, such statements for pre-adoption periods will continue to present excess tax benefits in the financing section. The amended guidance permits entities to make an accounting policy election related to how forfeitures will impact the recognition of compensation cost for stock-based compensation: to continue to estimate the total number of awards for which the requisite service period will not be rendered as currently required or, to be applied on a modified retrospective basis, to account for forfeitures as they occur. Upon early adoption, the Company elected to change its accounting policy to account for forfeitures as they occur. Except for income tax expense mentioned above, none of the other provisions in this amended guidance had a material impact on our condensed consolidated financial statements.

Receivables (Tables)

3 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Schedule of Receivables

As of September 30, 2016 and June 30, 2016, our receivables consisted of the following:



	September 30, 2016		June 30, 2016
Receivables from oil and gas sales	$	2,514,990	$	2,637,593
Receivable from settled derivatives	90		—
Other	3,390		595
Total receivables	$	2,518,470	$	2,638,188

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current assets

As of September 30, 2016 and June 30, 2016, our prepaid expenses and other current assets consisted of the following:



	September 30, 2016		June 30, 2016
Prepaid insurance	$	111,927	$	168,681
Retainers and deposits	30,568		30,568
Prepaid federal and state income taxes	82,091		—
Other prepaid expenses	48,528		52,500
Prepaid expenses and other current assets	$	273,114	$	251,749

Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of oil and natural gas properties and other property and equipment

As of September 30, 2016 and June 30, 2016, our oil and natural gas properties and other property and equipment consisted of the following:



	September 30, 2016			June 30, 2016
Oil and natural gas properties
Property costs subject to amortization	$	80,196,684		$	77,408,353
Less: Accumulated depreciation, depletion, and amortization	(18,745,663		)	(17,437,890		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	61,451,021		$	59,970,463
Other property and equipment
Furniture, fixtures and office equipment, at cost	$	255,099		$	228,752
Artificial lift technology equipment, at cost	7,000			7,000
Less: Accumulated depreciation	(211,514		)	(207,103		)
Other property and equipment, net	$	50,585		$	28,649

Other Assets (Tables)

3 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets

As of September 30, 2016 and June 30, 2016, other assets consisted of the following:



	September 30, 2016			June 30, 2016
Royalty rights	$	108,512		$	108,512
Less: Accumulated amortization of royalty rights	(10,173		)	(6,782		)
Investment in Well Lift Inc., at cost	108,750			108,750
Deferred loan costs	168,972			168,972
Less: Accumulated amortization of deferred loan costs	(28,047		)	(13,963		)
Other assets, net	$	348,014		$	365,489

Accrued Liabilities and Other (Tables)

3 Months Ended

Sep. 30, 2016

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities

As of September 30, 2016 and June 30, 2016, our other current liabilities consisted of the following:



	September 30, 2016		June 30, 2016
Accrued incentive and other compensation	$	161,408	$	999,172
Asset retirement obligations due within one year	145,209		201,896
Accrued royalties, including suspended accounts	43,679		49,580
Accrued franchise taxes	36,900		62,834
Accrued restructuring costs	316,625		419,488
Payables for settled derivatives	—		318,708
Dividends declared on preferred shares	82,415		—
Other accrued liabilities	53,077		46,273
Accrued liabilities and other	$	839,313	$	2,097,951

Schedule of restructuring obligations

Our current estimate of remaining restructuring obligations as of September 30, 2016 is as follows:



Type of Cost	December 31, 2015		Payments			September 30, 2016
Salary expense	$	530,387	$	(265,193	)	$	265,194
Payroll taxes and benefits expense	98,479		(47,048		)	51,431
Accrued liability for restructuring costs	$	628,866	$	(312,241	)	$	316,625

Asset Retirement Obligations (Tables)

3 Months Ended

Sep. 30, 2016

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliations of the beginning and ending asset retirement obligation balances

The following is a

reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2016 and for the year ended June 30, 2016:



	September 30, 2016			June 30, 2016
Asset retirement obligations — beginning of period	$	962,196		$	772,990
Liabilities incurred	—			28,505
Liabilities settled	(10,219		)	—
Liabilities sold (a)	(47,817		)	—
Accretion of discount	13,224			49,054
Revision of previous estimates	—			111,647
Asset retirement obligations — end of period	$	917,384		$	962,196
Less current portion in accrued liabilities (b)	(145,209		)	(201,896		)
Long-term portion of asset retirement obligations	$	772,175		$	760,300

(a) We conveyed our interest in a well to the previous operator in exchange for the assumption of our asset retirement obligation.

Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of preferred stock called for redemption



Consideration to preferred shareholders upon redemption at liquidation preference	$	7,932,975
Accrued and unpaid dividends (1)	$	82,415
Deemed dividend (2)	$	1,002,440

(1) Includes the monthly dividend for October 2016 declared by the Company.

Stock-Based Incentive Plan (Tables)

3 Months Ended

Sep. 30, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of information regarding outstanding Stock Options and Incentive Warrants and the changes during the fiscal year

The following summary presents information regarding outstanding Stock Options as of September 30, 2016, and the changes during the period:



	Number of Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Weighted Average Remaining Contractual Term (in years)
Stock Options outstanding at July 1, 2016	35,231	$	2.19
Exercised	—	—
Expired	—	—
Stock Options outstanding at September 30, 2016	35,231	2.19		$	144,095	0.9
Vested and exercisable at September 30, 2016	35,231	$	2.19	$	144,095	0.9

Schedule of Restricted Stock transactions

Unvested Contingent Restricted Stock awards at September 30, 2016 consisted of the following:



Award Type	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value
Performance-based awards	39,403	$	7.02
Market-based awards	73,867	3.37
Unvested at September 30, 2016	113,270	$	4.64

Unvested Restricted Stock awards at September 30, 2016 consisted of the following:



Award Type	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	252,167	6.64
Performance-based awards	54,475	5.67
Market-based awards	147,729	5.48
Unvested at September 30, 2016	454,371	$	6.15

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2016:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2016		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2016	406,848		$	6.74
Service-based shares granted	54,473		5.67
Performance-based shares granted	54,475		5.67
Market-based shares granted	54,475		5.44
Vested	(115,900	)	7.44
Forfeited	—		—
Unvested at September 30, 2016	454,371		$	6.15	$	2,152,183	2.8

Contingent Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

The following table sets forth Contingent Restricted Stock transactions for the three months ended September 30, 2016:



	Number of Contingent Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2016 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2016	91,172		$	5.21
Performance-based awards granted	27,237		5.67
Market-based awards granted	27,237		3.42
Vested	(32,376	)	6.09
Unvested at September 30, 2016	113,270		$	4.64	$	186,703	2.7

(1) Excludes $276,702 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Net Income Per Share (Tables)

3 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted income per share

The following table sets forth the computation of basic and diluted income per share:



	Three Months Ended September 30,
	2016		2015
Numerator
Net income available to common shareholders	$	563,345	$	2,923,652
Denominator
Weighted average number of common shares — Basic	32,957,010		32,718,244
Effect of dilutive securities:
Contingent restricted stock grants	28,845		6,788
Stock options	21,744		49,144
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	33,007,599		32,774,176

Net income per common share — Basic	$	0.02	$	0.09
Net income per common share — Diluted	$	0.02	$	0.09

Schedule of outstanding potentially dilutive securities

Outstanding potentially dilutive securities as of September 30, 2016 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		At September 30, 2016
Contingent Restricted Stock grants (a)	$	—	113,270
Stock Options	2.19		35,231
	$	0.52	148,501

Outstanding potentially dilutive securities as of September 30, 2015 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		At September 30, 2015
Contingent Restricted Stock grants (a)	$	—	17,961
Stock Options	2.40		85,231
	$	1.98	103,192

(a) Contingent Restricted Stock grants for which vesting is not considered probable for accounting purposes are excluded from potentially dilutive securities outstanding.

Commitments and Contingencies (Tables)

3 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease commitments under the operating lease

Future minimum lease commitments as of September 30, 2016 under this operating lease are as follows:



Twelve months ended September 30,
2017	$	73,073
2018	$	73,073
2019	$	66,984

Organization and Basis of Preparation - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2016	Jun. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in current deferred tax assets	$ 0	$ (105,321)
Increase in noncurrent deferred tax liabilities	12,444,045	$ 11,840,693
Income Tax Expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Related tax deficiency	215,594
ASU 2015-07 \| Adjustments for New Accounting Principle, Early Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in current deferred tax assets	105,321
Increase in noncurrent deferred tax liabilities	$ 105,321

Receivables (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Receivables [Abstract]
Receivables from oil and gas sales	$ 2,514,990	$ 2,637,593
Receivable from settled derivatives	90	0
Other	3,390	595
Total receivables	$ 2,518,470	$ 2,638,188

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 111,927	$ 168,681
Retainers and deposits	30,568	30,568
Prepaid federal and state income taxes	82,091	0
Other prepaid expenses	48,528	52,500
Prepaid expenses and other current assets	$ 273,114	$ 251,749

Property and Equipment (Details) - USD ($)	3 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Oil and natural gas properties
Property costs subject to amortization	$ 80,196,684	$ 77,408,353
Less: Accumulated depreciation, depletion, and amortization	(18,745,663)	(17,437,890)
Unproved properties not subject to amortization	0	0
Oil and natural gas properties, net	61,451,021	59,970,463
Other property and equipment
Furniture, fixtures and office equipment, at cost	255,099	228,752
Artificial lift technology equipment, at cost	7,000	7,000
Less: Accumulated depreciation	(211,514)	(207,103)
Other property and equipment, net	50,585	$ 28,649
Delhi field
Property, Plant and Equipment [Line Items]
Capital expenditures	2,800,000
NGL Plant Project
Property, Plant and Equipment [Line Items]
Capital expenditures	2,400,000
Incurred costs on a cumulative basis	23,900,000
Total authorized commitment	$ 24,600,000

Other Assets (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty rights	$ 108,512	$ 108,512
Less: Accumulated amortization of royalty rights	(10,173)	(6,782)
Investment in Well Lift Inc., at cost	108,750	108,750
Deferred loan costs	168,972	168,972
Less: Accumulated amortization of deferred loan costs	(28,047)	(13,963)
Other assets, net	$ 348,014	$ 365,489

Accrued Liabilities and Other (Details) - USD ($)

Sep. 30, 2016

Jun. 30, 2016

Dec. 31, 2015

Other Liabilities, Current [Abstract]

Accrued incentive and other compensation

$ 161,408

$ 999,172

Asset retirement obligations due within one year

^[1]

145,209

201,896

Accrued royalties, including suspended accounts

43,679

49,580

Accrued franchise taxes

36,900

62,834

Accrued restructuring costs

316,625

419,488

$ 628,866

Payables for settled derivatives

318,708

Dividends declared on preferred shares

82,415

Other accrued liabilities

53,077

46,273

Accrued liabilities and other

$ 839,313

$ 2,097,951

[1]	We expect to retire our three remaining operated wells within the next twelve months. After such operations are completed, our asset retirement obligations will consist entirely of our working interest obligations in the Delhi field.

Accrued Liabilities and Other - Restructuring Obligations (Details)	9 Months Ended
	Sep. 30, 2016 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring, beginning balance	$ 628,866
Payments	(312,241)
Restructuring, ending balance	316,625
Salary expense
Restructuring Reserve [Roll Forward]
Restructuring, beginning balance	530,387
Payments	(265,193)
Restructuring, ending balance	265,194
Payroll taxes and benefits expense
Restructuring Reserve [Roll Forward]
Restructuring, beginning balance	98,479
Payments	(47,048)
Restructuring, ending balance	$ 51,431

Accrued Liabilities and Other - Additional Information (Details)		3 Months Ended
	Dec. 31, 2015 USD ($) employee	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employees terminated \| employee	3
Restructuring charges	$ 688,205
Stock-based compensation		$ 311,688	$ 218,115
Accrued restructuring costs	628,866	$ 316,625		$ 419,488
Restructuring charges
Restructuring Cost and Reserve [Line Items]
Stock-based compensation	$ 59,339

Asset Retirement Obligations (Details)

3 Months Ended

12 Months Ended

Sep. 30, 2016

USD ($)

well

Sep. 30, 2015

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2016

USD ($)

Asset Retirement Obligation Disclosure [Abstract]

Number of wells expected to be retired in next twelve months | well

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset retirement obligations — beginning of period

$ 962,196

$ 772,990

Liabilities incurred

$ 28,505

Liabilities settled

(10,219)

Liabilities sold

^[1]

(47,817)

Accretion of discount

13,224

$ 11,343

49,054

Revision of previous estimates

111,647

Asset retirement obligations — end of period

917,384

$ 772,990

Less current portion in accrued liabilities

^[2]

(145,209)

$ (201,896)

Long-term portion of asset retirement obligations

$ 772,175

$ 760,300

[1]	We conveyed our interest in a well to the previous operator in exchange for the assumption of our asset retirement obligation.
[2]	We expect to retire our three remaining operated wells within the next twelve months. After such operations are completed, our asset retirement obligations will consist entirely of our working interest obligations in the Delhi field.

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details)	1 Months Ended		3 Months Ended			10 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares	Dec. 31, 2013 $ / shares	Sep. 30, 2016 USD ($) quarterly_dividend $ / shares shares	Sep. 30, 2015 USD ($) $ / shares shares	Mar. 31, 2015 $ / shares	Sep. 30, 2016 quarterly_dividend shares	May 12, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividend (in dollars per share) \| $ / shares		$ 0.10			$ 0.05
Cash dividends to common stockholders			$ 1,652,290
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of quarterly dividends declared \| quarterly_dividend			1			1
Number of shares repurchased \| shares			58,147	1,073
Average price of shares repurchased (in dollars per share) \| $ / shares			$ 5.68	$ 5.50
Value of shares repurchased			$ 330,070	$ 5,906
Common Stock \| 2015 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount to be repurchased							$ 5,000,000
Number of shares repurchased \| shares	265,762			173,790		0
Average price of shares repurchased (in dollars per share) \| $ / shares	$ 6.05			$ 5.75
Value of shares repurchased	$ 1,609,008			$ 999,731

Stockholders' Equity - Series A Cumulative Perpetual Preferred Stock (Details) - USD ($)

3 Months Ended

12 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Jun. 30, 2016

Series A Cumulative Perpetual Preferred Stock

Consideration to preferred shareholders upon redemption at liquidation preference

$ 7,932,975

Cash dividends to preferred stockholders

168,575

$ 168,575

Preferred

Series A Cumulative Perpetual Preferred Stock

Consideration to preferred shareholders upon redemption at liquidation preference

$ 317

Series A cumulative perpetual preferred stock

Series A Cumulative Perpetual Preferred Stock

Preferred stock dividend rate (as a percent)

8.50%

Cash dividends to preferred stockholders

$ 168,575

Series A cumulative perpetual preferred stock | Preferred

Series A Cumulative Perpetual Preferred Stock

Number of shares sold of series A cumulative perpetual preferred stock

317,319

Preferred stock dividend rate (as a percent)

8.50%

Preferred stock, liquidation preference (in dollars per share)

$ 25.00

Redemption price per share (in dollars per share)

$ 25.082639

Consideration to preferred shareholders upon redemption at liquidation preference

$ 7,932,975

Accrued and unpaid dividends

^[1]

82,415

Deemed dividend

^[2]

1,002,440

Amount of sinking fund available to stockholders

$ 0

Dividend payable monthly on preferred stock (in dollars per share)

$ 0.177083

Cash dividends to preferred stockholders

$ 168,575

[1]	Includes the monthly dividend for October 2016 declared by the Company.
[2]	Represents the difference between the redemption consideration and the historical carrying value of the preferred shares. Accordingly, net income was adjusted for this deemed dividend to determine net income attributable to common shareholders and earnings per common share.

Stock-Based Incentive Plan - Narrative (Details) - USD ($)		3 Months Ended
	Aug. 27, 2014	Sep. 30, 2016	Sep. 30, 2015
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense		$ 311,688	$ 218,115
2004 Stock Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan		6,500,000
Number of shares remaining available for grant under plan		64,236
2004 Stock Plan \| Restricted Stock
Stock-Based Incentive Plan
Vesting period (in years)	4 years
2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period (in years)		4 years
2004 Stock Plan \| Performance-based Awards
Stock-Based Incentive Plan
Vesting period (in years)		4 years

Stock-Based Incentive Plan - Stock Options and Incentive Warrants (Details)

3 Months Ended

Sep. 30, 2016

USD ($)

$ / shares

Common Stock

Additional disclosures of Stock Options and Incentive Warrants

Market price of common stock on the last trading date of the period (in dollars per share)

$ 6.28

Stock Options

Number of Stock Options

Stock Options outstanding at the beginning of the period (in shares) | shares

35,231

Stock Options, Exercised (in shares) | shares

Stock Options, Expired (in shares) | shares

Stock Options outstanding at the end of the period (in shares) | shares

35,231

Vest and Exercisable at the end of the period (in shares) | shares

35,231

Weighted Average Exercise Price

Stock Options outstanding at the beginning of the period (in dollars per share)

$ 2.19

Stock Options, Exercised (in dollars per share)

0.00

Stock Options, Expired (in dollars per share)

0.00

Stock Options outstanding at the end of the period (in dollars per share)

2.19

Vested and Exercisable at the end of the period (in dollars per share)

$ 2.19

Stock Options outstanding at the end of the period | $

$ 144,095

^[1]

Vested and Exercisable at the end of the period | $

$ 144,095

^[1]

Stock Options outstanding at the end of the period (in years)

10 months 24 days

Vested and Exercisable at the end of the period (in years)

10 months 24 days

[1]	Based upon the difference between the market price of our common stock on the last trading date of the period ($6.28 as of September 30, 2016) and the Stock Option exercise price of in-the-money Stock Options.

Stock-Based Incentive Plan - Fair Value Inputs and Assumptions (Details) - Restricted Stock, Market-Based - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at grant date, per share (in dollars per share)	$ 5.44
Vesting period	2 years 9 months 29 days	3 years 303 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at grant date, per share (in dollars per share)	$ 3.42	$ 2.93	$ 4.26
Vesting period			3 years 109 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at grant date, per share (in dollars per share)	$ 5.62	$ 5.07	$ 8.40
Vesting period			2 years 200 days

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)

3 Months Ended

Sep. 30, 2016

USD ($)

$ / shares

Restricted Stock, Service-Based

Number of Restricted Shares

Granted (in shares) | shares

54,473

Unvested at the end of the period (in shares) | shares

252,167

Weighted Average Grant-Date Fair Value

Granted (in dollars per share) | $ / shares

$ 5.67

Unvested at the end of the period (in dollars per share) | $ / shares

$ 6.64

Restricted Stock, Performance-Based

Number of Restricted Shares

Granted (in shares) | shares

54,475

Unvested at the end of the period (in shares) | shares

54,475

Weighted Average Grant-Date Fair Value

Granted (in dollars per share) | $ / shares

$ 5.67

Unvested at the end of the period (in dollars per share) | $ / shares

$ 5.67

Restricted Stock, Market-Based

Number of Restricted Shares

Granted (in shares) | shares

54,475

Unvested at the end of the period (in shares) | shares

147,729

Weighted Average Grant-Date Fair Value

Granted (in dollars per share) | $ / shares

$ 5.44

Unvested at the end of the period (in dollars per share) | $ / shares

$ 5.48

Restricted Stock

Number of Restricted Shares

Unvested at the beginning of the period (in shares) | shares

406,848

Vested (in shares) | shares

(115,900)

Forfeited (in shares) | shares

Unvested at the end of the period (in shares) | shares

454,371

Weighted Average Grant-Date Fair Value

Unvested at the beginning of the period (in dollars per share) | $ / shares

$ 6.74

Vested (in dollars per share) | $ / shares

7.44

Forfeited (in dollars per share) | $ / shares

0.00

Unvested at the end of the period (in dollars per share) | $ / shares

$ 6.15

Additional disclosures of restricted stock

Unrecognized stock compensation expense related to Restricted Stock | $

$ 2,152,183

Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized

2 years 9 months 18 days

Contingent Restricted Stock, Performance-Based

Stock-Based Incentive Plan

Potential future compensation expense | $

$ 276,702

Number of Restricted Shares

Granted (in shares) | shares

27,237

Unvested at the end of the period (in shares) | shares

39,403

Weighted Average Grant-Date Fair Value

Granted (in dollars per share) | $ / shares

$ 5.67

Unvested at the end of the period (in dollars per share) | $ / shares

$ 7.02

Contingent Restricted Stock, Market-Based

Number of Restricted Shares

Granted (in shares) | shares

27,237

Unvested at the end of the period (in shares) | shares

73,867

Weighted Average Grant-Date Fair Value

Granted (in dollars per share) | $ / shares

$ 3.42

Unvested at the end of the period (in dollars per share) | $ / shares

$ 3.37

Contingent Restricted Stock

Number of Restricted Shares

Unvested at the beginning of the period (in shares) | shares

91,172

Vested (in shares) | shares

(32,376)

Unvested at the end of the period (in shares) | shares

113,270

Weighted Average Grant-Date Fair Value

Unvested at the beginning of the period (in dollars per share) | $ / shares

$ 5.21

Vested (in dollars per share) | $ / shares

6.09

Unvested at the end of the period (in dollars per share) | $ / shares

$ 4.64

Additional disclosures of restricted stock

Unrecognized stock compensation expense related to Restricted Stock | $

$ 186,703

^[1]

Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized

2 years 8 months 12 days

[1]	Excludes $276,702 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Derivatives (Details) - USD ($)	3 Months Ended
Derivatives (Details) - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Loss on derivatives	$ (14,042)
Gain on settled derivatives	90	$ 866,427
Unrealized loss on unsettled derivatives	14,132	(1,071,962)
Gain on derivatives		1,938,389
Unrealized loss on unrealized derivatives		$ 1,071,962
Options Held \| Crude Oil
Derivative [Line Items]
Derivatives held	$ 0

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0
Income tax expense	$ 889,176	$ 1,754,969
Income tax expense, effective rates (as a percent)	33.00%	36.00%

Net Income Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Numerator
Net income available to common shareholders	$ 563,345	$ 2,923,652
Denominator
Weighted average number of common shares — Basic	32,957,010	32,718,244
Effect of dilutive securities:
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	33,007,599	32,774,176
Net income per common share - Basic (in dollars per share)	$ 0.02	$ 0.09
Net income per common share - Diluted (in dollars per share)	$ 0.02	$ 0.09
Contingent restricted stock grants
Effect of dilutive securities:
Weighted average of securities	28,845	6,788
Stock options
Effect of dilutive securities:
Weighted average of securities	21,744	49,144

Net Income Per Share - Schedule of Dilutive Securities (Details) - $ / shares

3 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Outstanding Potential Dilutive Securities

Weighted Average Exercise Price (in dollars per share)

$ 0.52

$ 1.98

Balance at the end of the period (in shares)

148,501

103,192

Contingent restricted stock grants

Outstanding Potential Dilutive Securities

Weighted Average Exercise Price (in dollars per share)

^[1]

$ 0.00

Balance at the end of the period (in shares)

^[1]

113,270

17,961

Stock options

Outstanding Potential Dilutive Securities

Weighted Average Exercise Price (in dollars per share)

$ 2.19

$ 2.40

Balance at the end of the period (in shares)

35,231

85,231

[1]	Contingent Restricted Stock grants for which vesting is not considered probable for accounting purposes are excluded from potentially dilutive securities outstanding.

Senior Secured Credit Agreement (Details) - Senior Secured Reserve-Based Credit Facility - Line of Credit - Revolving credit facility	Apr. 11, 2016 USD ($)	Sep. 30, 2016 USD ($)
Line of Credit Facility [Line Items]
Term of revolving credit facility (in years)	3 years
Maximum amount available under revolving credit facility	$ 50,000,000
Initial borrowing base	$ 10,000,000
Amount outstanding		$ 0
Placement fee percentage	0.50%
Placement fee percentage	$ 50,000
Commitment fee percentage	0.25%
Maximum total leverage ratio	3.00
Debt service coverage ratio	1.10
Minimum consolidated tangible net worth	$ 40,000,000
Debt issuance costs	$ 168,972
Unamortized debt issuance costs		$ 140,925
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Prime rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Rent Expense	$ 34,856	$ 45,043

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details)	Sep. 30, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 73,073
2018	73,073
2019	$ 66,984

Subsequent Event (Details)	Nov. 07, 2016 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.065