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Joint Interest Agreement | 12 Months Ended
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Jun. 30, 2012
Joint Interest Agreement |
Joint Interest Agreement |
Note 5 — Joint Interest Agreement Effective April 17, 2012, a wholly owned subsidiary of the Company entered into definitive agreements with Orion Exploration Partners, LLC (“Orion”) to acquire and develop an undivided 45% interest in oil and gas leases, associated surface rights and related assets located in the Mississippian Lime formation aggregating 11,700 acres (5,265 net acres) in 38 sections in Kay County in North Central Oklahoma. The Company has agreed to contribute cash and a drilling carry to maintain its 45% non-operating interest in the joint venture. Orion is contributing the leases, its portion of the drilling capital, its operating expertise in the area and the Mississippian Lime play. The agreement commits the parties to drill between six and fourteen gross wells by April 17, 2013. In April we made our initial $4,083,780 cash outlay for the purchase of our 45% share of the JV leasehold and partial prepayment of our drilling and completion costs of the first three commitment wells. Our acquisition cost also includes carrying our partner for a portion of their drilling and completion costs over the next year, not to exceed approximately $2.2 million, which is subject to a security agreement. Field operations began in May 2012 with the drilling of a water disposal well, followed by the drilling of two producer wells with the first commencing in June 2012 and the second commencing in July 2012. Our participation in this joint venture is reflected on our June 30, 2012 balance sheet by the items below. Included in the $1.4 million advance to our joint interest operating partner is an accrued $1,142,716 drilling cash call, which is also reflected in the due to joint interest partner balance.
|  | June 30, 2012 |
Advances to joint interest operating partner |  | $ | 1,366,921 |
Due to joint interest partner |  | 3,217,975 |

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- Definition Disclosure in respect of the drilling agreement entered into by the reporting entity with the industry partner to drill up development wells. + References No definition available. + Details
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