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Property and Equipment
3 Months Ended
Sep. 30, 2011
Property and Equipment 
Property and Equipment

Note 2 — Property and Equipment

 

As of September 30, 2011 and June 30, 2011 our oil and natural gas properties and other property and equipment consisted of the following:

 

 

 

September 30,
2011

 

June 30,
2011

 

Oil and natural gas properties

 

 

 

 

 

Property costs subject to amortization

 

$

36,989,551

 

$

35,860,517

 

Less: Accumulated depreciation, depletion, and amortization

 

(5,582,209

)

(5,353,152

)

Unproved properties not subject to amortization

 

2,167,513

 

2,940,199

 

Oil and natural gas properties, net

 

$

33,574,855

 

$

33,447,564

 

 

 

 

 

 

 

Other property and equipment

 

 

 

 

 

Furniture, fixtures and office equipment, at cost

 

261,340

 

261,340

 

Less: Accumulated depreciation

 

(199,906

)

(192,078

)

Other property and equipment, net

 

$

61,434

 

$

69,262

 

 

Unproved properties not subject to amortization includes: unevaluated acreage of $2.2 and $2.9 million as of September 30, 2011 and June 30, 2011, respectively, of which (i) $0.7 million as of September 30, 2011 and June 30, 2011, related to our interests in the Delhi Field in Louisiana; and (ii) $1.5 million and $2.2 million as of September 30, 2011 and June 30, 2011, respectively, related to Woodford Shale trend in Oklahoma.  Production testing of our wells in Oklahoma is ongoing.  Development of our unproved properties is expected to be completed within one to five years.  Our evaluation of impairment of unproved properties occurs, at a minimum, on a quarterly basis.