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Property and Equipment (Tables) | 12 Months Ended
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Jun. 30, 2012
Property and Equipment |
Schedule of oil and natural gas properties and other property and equipment |
|  | June 30, 2012 |  | June 30, 2011 |
Oil and natural gas properties |  |  |  |  |
Property costs subject to amortization |  | $ | 40,874,244 |  | $ | 35,860,517 |
Less: Accumulated depreciation, depletion, and amortization |  | (6,440,166 | ) | (5,353,152 | )
Unproved properties not subject to amortization |  | 6,042,094 |  | 2,940,199 |
Oil and natural gas properties, net |  | $ | 40,476,172 |  | $ | 33,447,564 |
Other property and equipment |  |  |  |  |
Furniture, fixtures and office equipment, at cost |  | $ | 322,514 |  | $ | 261,340 |
Less: Accumulated depreciation |  | (230,243 | ) | (192,078 | )
Other property and equipment, net |  | $ | 92,271 |  | $ | 69,262 |
Schedule of summary of costs that are not being amortized by the fiscal year in which the costs were incurred |
|  |  |  | During the Year Ended June 30, |
Costs excluded from amortization |  | Total |  | 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008 |
Leasehold acquisition costs and other |  | $ | 6,042,094 |  | $ | 6,042,094 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |

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- Definition Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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- Definition Tabular disclosure of the capitalized costs of unproved properties and major development projects that are excluded from capitalized costs being amortized. This includes the total costs excluded and, at a minimum, these categories of costs: acquisition costs, exploration costs, development costs in the case of significant development projects, and capitalized interest. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10.(c)(7)(ii)) -URI http://asc.fasb.org/extlink&oid=21918352&loc=d3e511914-122862 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph c -Subparagraph 3(ii)(A) -Article 4 + Details
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